I've just done some calcs and the relativity of the offers to...

I've just done some calcs and the relativity of the offers to Bolnisi vis-a-vis Palmarejo shareholders is perhaps not as bad as I first thought ... depending on how you value Bolnisi's non-Palmarejo assets.

From Stockhouse PJO has 90,738,738 shares on issue. Bolnisi owns 73.6% of them, i.e. 66,783,711 shares in PJO.

Hypothetically then, if BSG was to accept the offer of 2.715 Coeur shares for each of its PJO shares, but at the same time remain a separate entity, then it would receive 181,317,776 Coeur shares. Now, from its website BSG has 276,587,321 shares on issue, plus 8,955,000 unlisted options. Therefore hypothetically, on a fully diluted basis, the offer would amount to 0.635 Coeur shares for each BSG share.

We are in fact being offered 0.682 Coeur shares for each BSG share, i.e. an extra 7.4% for BSG to also merge with Coeur.

This doesn't seem much for BSG's other assets and prospects. If we accept that that is all they are worth, then PJO's shareprice has been lagging BSG's shareprice by around 30%. Quite odd really.