selling for a song, page-11

Without going into detail, or a whole lot of reasons including the history of the companies, the amount of capital invested, the relative net asset values and the fact that it is PLA not JLP that actually has a developed operating mine (which the JLP CEO has described as outstanding) and a fully functional concentrator - a merger ratio well in favour of PLA would apply under normal circumstances.
However, not allowing for conversion of part of Macquarie debt (i.e. assuming ratios on existing PLA shares only not expanded by Macquarie):
1-1 if PLA desperate.
1-1.5 allowing for fact PLA really very desperate due to being in Administration.
1-3 allowing for fact that PLA management have managed to screw everything up so far so why not get screwed in the merger too.
Hence the latter outcome seems likely.
If I'm right JLP should get a big boost in their share price above 12p. The uncertainty about deal and terms holding it back at the moment.