I think the moving parts of this offer has meant the market...

I think the moving parts of this offer has meant the market hasn’t yet caught up (although catching on later in the day perhaps). With the jump in SVWs share price, the $88 cash offer for 50% is now massively below the conversion offer (4.606 x SVW share price = $101.60 at today’s close)... but the graph in the offer docs says value = $92.50 (because it’s based on the SVW share price prior to the results announcement). The docs state that SVWPA shareholders will be offered conversion no matter what the vote is re the cash offer/winding up of SVWPA. Therefore, this value isn’t subject to the risk of a yes/no vote - it’s just subject to SVW share price risk.

When these types of buybacks/conversions aren’t subject to an approval vote ... in my experience the arbitrage usually closes to about 2%. So ... I’m thinking this gap will close up to ~2% in the near future and then SVWPA and SVW should move about in sync.

Not sure if I’ll wait to convert and get 100% of value - but certainly not thinking of settling for <95% as per market today.