a very interesting observation ..., page-4

"Based on those closing prices a 40% premium for IGR is 62 cents. So SLR would have had to issue one SLR share for every 3.65 IGR shares, not one SLR share for every 6.28 IGR shares as is currently being offered."

Quite. Which was one of the reasons I wondered why you were so positive about the deal, when you've praised the prospects of IGR many times in the past.

Certainly, the management of SLR has appeared to have been better than that of IGR. But when paying a lot with your own currency - IGR shares in this case - there is a question about the merits of the proposal.

Also, given how keenly IGR management have been selling their story, why have they been so willing to sell themselves at such a bargain price? Their share price has been higher than this implied value for 11 out of the past 12 months - and may well have been longer had they not made that poor decision to kick the can for yet another capital raising, going against their previous claims that a CR was not necessary.