Correct me if I’m wrong but, the way the Tapeta deal is...

Correct me if I’m wrong but, the way the Tapeta deal is described, the worst that can happen to TBR shareholders as a direct consequence of it is that their cross holding of RND gets diluted virtually out of existence (by 90% or so) and therefore all they’re left with is the TBR share of bullion account (and the TBR share of the EKJV, obviously); because TBR’s market cap is already lower than the current market value of TBR’s share of bullion account (giving no value to the EKJV), it seems to me that the potential dilutive effect of the Tapeta deal is already fully priced into the TBR SP, but not at all into the RND SP. That is what looks odd to me, and at the moment I have no ready conclusions to draw from it, hence why I’m asking. Unless the market (illiquid as it may be) is actually ascribing positive value to Tapeta possibly going ahead? IMHO+DYOR.