On a 100% scrip basis, the consideration is 0.83/21 MIN shares...

On a 100% scrip basis, the consideration is 0.83/21 MIN shares where relevant MIN SP is $21 or above. [Source: clause 4.6.(a) (i) (A) of Scheme implementation deed].

The above 43,404,875 AWE shares would result in 1,715,526 MIN shares. At today's close of $22.01 = $37.76 m.

This demonstrates why the revised MIN bid which the AWE recommended is so controversial.

If the AWE Board were concerned about a fall in MIN's SP, a fairer option for its shareholders would have been to leave the upside as per the original bid but implement its formula to protect its shareholders from the downside. In the absence of anything else, it seems MIN's people were one step ahead of AWE's people...

DYOR