the scheming ratio

interesting that ael (UK Listed) holds 196,824,154 shares in aza.

ael has 104,540,683 shares on issue.

they are to be issued 1.33 shares in roc for each ael share.

that would give them 139,039,108 shares in roc.

effectively for each share in aza they hold they are getting approximately 0.7064 shares in roc.

this compares to the aza shareholder offer of 0.792 shares in roc plus 5 cents cash.

they are getting smoked imo.