No Goodwill

AS others have rightly pointed out SKE is overpriced. The latest balance sheet shows a company loaded down with debt (A$220 Millions); top heavy with Intangibles ($488 Millions) ; a negative NTA and the lack of a positive cash flow. The company borrowed some $56 Millions to met "normal" outgoings. Companies should not borrow to pay dividends.
The tricky part for PRG is not to pay a premium for negative assets and negative cash flow.
My suggestion for a maximum offer would be to start and hold at 1 PRG for 4 SKE with no cash top up.
On such a scrip basis ,SKE shareholders get a nominal value of $0.75 per share. If it proceeded hopefully PRG could maximise the synergies get some value out of the possible new 58.9Million PRG shares issued for SKE's business.
On merger PRG then gets loaded with $220 Million in debt; negative NTA and negative cash flow . Talk about handballing a problem.