"So purchasers of IGR at 40c are are getting a cheap entry into...

"So purchasers of IGR at 40c are are getting a cheap entry into SLR - the equivalent of paying $2.51 for SLR. "

The prices will be linked now due to the offer, but buyers aren't getting a cheap entry necessarily, as there are still approvals to go, and a whole lot of market movements will happen in that time.

By the time this is all done, there is every possibility the price will be either lower, or higher, rather than being $2.63 exactly. People will buy because of their expected prospects, not because of saving 11c at a distant time in the future.