ssi merger or ? what is it worth

Now I am wondering about a few things.

SSI has made good gains since the announcement regarding the merger with CEH.
But lets have a think about all this.

SSI was to list this company now Best Winning ( who actually are they) are giving it to SSI, how kind of them.

In return they are getting shars in SSI and they will also be subscribing for shares in SSI at 60 cents.


So gambling in China is going to be huge, this is the opinion of most and I would have to go along with that,

So CEH operate lotteries in Shanghi so other cities would obviously be targetted and casino's down the track, this is fairly obvious.

So CEH would seem to have a big future, no question here, so what will Best Winning get for giving this to SSI.
Shares in SSI, how many. I mean SSI has a low market cap so what is it it for BW.

But let's look at SSI, what are their assets, they don't do much business in their own right, so their main asset is GCN.
Look at the 60 cents price quoted as the price for additional shares BW want, for every 1 SSI share you actually own 10 GCN shares (this is how many shares SSI own in GCN), so a price of GCN 6 cents gives you SSI 60 cents, that is what it is based on.

So do BW want SSI seeing they have done little business over the past few years, or really GCN sseing that is the only real asset.

I know they have pharmasafe but I went to a meeting 5 years ago and that was talked about and still has not fired a shot.

So when this deal was announced SSI was undervalued compared to their holding in GCN (it was around35 cents), SSI was not valued at much, and still is not even with the gains, so to give up a potential billion dollar company for a stake in a parent company that's main asset is a comapny who has delivered nothing but losses since it was listed??????

Even if it is a back door takeover it would seem lop sided.

So is there something we do not know about.
But let's look at the valuations, SSI as we said, has GCN as it's main if only asset, 1 share in SSI is 10 shares in GCN.
so if SSI is $1.60 and GCN is 6 cents it does not make sense.

So is GCN worth 16 cents (10 times 16 cents = $1.60 SSI) or is SSI worth 60 cents (10 times GCN 6 cents),
some will question if GCN is worth even 6 cents but I will not go into that, these are the current prices.

So is there good things for GCN around the corner and that is the reason of interest from Best Winning, is it a way of getting through another AGM unscathed after another bad year, or something we have not thought about.