My interesting comment - at the time the MLT merger was proposed...

My interesting comment - at the time the MLT merger was proposed I thought they had been given far too much.

However today I looked at the deal and decided the following:

on the day of the announcement (before ) it was trading at $5.06
They got a special dividend of 37c.
They got the final SOL dividend of 36c but only a ratio of 0.1863 which equals 6.7c.
Adding both equations you get the facts that a MLT shareholder today has only $4.81 of the $5.06 so has lost around 5% value in the period.

Over the same period ARG has gone up fractionally 2.25%.

So in fact the MLT deal which on the surface looked too good has in fact turned out worse than ARG. I now suspect that as a MLT shareholder I should have sold on conversion to SOL. I also think that MLT shareholders will remain unhappy after they saw their deal linked to SOL when it was $35.00 - Agree we all thought it was a bit too high but I had it at fair value around $30.00. It has performed badly this year and personally I don't know why- other than the TPG investment which I would hope they hedged or did something to mitigate its potential negative impact. I am also concerned about the conversion rights in NHC of those $200 million convertible notes. The purchase price seems to be dropping as a result of increased dividends where they may get their shares for very little... I am not sure if I read it correctly.

However at the end of 2022 year I suspect it is going to be one of the poorer performers in my portfolio and one in which I cannot tell you why.