opening figure, page-3

If it is a deal for PEN shares then it will depend very much on the deal struck. I would want at least one PEN share per PMH share though I would think those U assets are worth more than that - more like 20-50 cps - so 2-5 PEN shares per share would be good.

1:1 - 50c
2:1 - 60c
3:1 - 70c
4:1 - 80c
5:1 - 90c

Of course it may have nothing to do with this. The company may also choose not to distribute PEN shares, distribute half etc.