Sparker, I’m afraid the market is a lot more efficient than the...

Sparker,

I’m afraid the market is a lot more efficient than the scenario you envisage.

I think you will find that most investors will have – well before the official finalisation of the merger – come to a view of what the valuation of the merged entity will look like based on current share prices, and if investors like what they see, the stocks prices of both SKE and PRG will have reflected that well before conclusion of the transaction.

(And I believe that – at pro forma valuation multiples for the merged entity of: <9x P/E, <6x EV/EBITDA and a dividend yield >6% - more investors than not will indeed be attracted to those sorts of metrics, and begin buying the stocks well ahead of the merger date.)

I strongly suspect any SKE holders, who have decided they don’t want to hold PRG shares, would have commenced selling now already and I am certain that most of these particular investors would have completed their selling long before we get to the deal closure date.