Ann: Presentation - Recommended Merger of Beach and Drillsearch, page-53

I am a little puzzled by the difference in prices.
Most would agree that DLS was the more undervalued company, yet now that the T/O has been set in place, not once has DLS versus BPTs ratio even got to what the 1.25 shares offer actually provides.

Right now, with BPT trading at $0.685, DLS shares should be trading at $0.855. Yet here we sit, a full $0.04 cents below that. Is it money for Jam to sell BPT and buy DLS? Make approx 5% without doing a thing if you want to hold part of the merged entity?