Ann: Offer to RLEOA Option Holders, page-17

There is another way to view this, just throwing it out there for discussion.
RLE state this offer is subject to shareholder approval, so a shareholder meeting is required with notice period. So what are the mechanics of this process, can a prospectus be offered and acted upon in advance of approval. Genuine question I don't know the answer
If so, nothing much to say.
If not, there will be a delay which may give A option holders time to sit back and wait out better news. If that delay is long enough, there is a possibility that decision can be made after reserves are known.