sorry, pdn's share price is $10.44. I do it again
Early July, pdn offer VUL, 1 pdn share for 3.16 vul share.
before offer vul sp wes about $1, smm was $1.5, uranium spot price was US$47/1b. When pdn offer smm,1 pdn share for 2.04 smm share, pdn share price is $10.44, so smm share worth $10.44/2.04=$5.12, if vul shareholder still hold pdn share, vul share worth $10.44/3.16=$3.3, so 5.12/3.3=1.55, 1.5/1=1.5, only up 3.4% (1.55/1.5), but uranium up 81%(85/47).
compare with the offer to vul, smm at least worth $8.96, ($3.3*1.5*1.81) and not count smm's new uranium resources discovery.
pdn offer is too low, page-11
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