As expected, there is no increase in the cash component (in...

As expected, there is no increase in the cash component (in fact, there has been a de facto decrease in the cash component... see [*] below), but the scrip component has gone from 0.503 to 0.55.

So, while the scrip ratio increase translates into a 13 cps scrip sweetener, this needs to be offset by the forgone final SKE dividend, whatever your assumptions of that might have been (for example, if you expected the final dividend to be maintained at last year's 9.5cps, then the Net Sweetener for the deal in totality is just 3.5cps).


[*] Becasue this transaction is expected to settle only after SKE's ex-dividend date iro of its final dividend, whatever final dividend the SKE board declares, the 25cps cash component being offered by PRG will be reduced by the amount of such a declared dividend. Crafty.