Prior to the merger, GRLO could be bought at 5-7c recently and...

Prior to the merger, GRLO could be bought at 5-7c recently and exercised at 20c

The received head shares could then be sold at 30-31c to cover the ops conversion plus a quick 10-20% profit , or just hold the heads

This play I think has contributed to GRL trading at a discount to EXR

Upon the merger approval, scheduled for 25-10-07, the ops convert at 5 for 1, not a good deal anymore at current price, and the GRL ords will exchange 1 for 1 for EXR

Today, we are seeing the pre merger end game playing out and GRL moving to parity with EXR

A recent report by stockanalysis estimates a discovery at Leopard to be worth over $5 per share to the merged EXR-GRL.
That would have stirred the punters although the $1mil revenue per month coming from High island gas field is nothing to be sneezed at either.

Good to see the market finally attribute some value to this one