Maybe, but Merkur has always (?) traded at a premium over OTC (typical 5-10%) so when Merkur is trading 8% lower than OTC that's "significant".
I were about to write that "if so, then there shouldn't be any support to the PPS on OTC", but we do have expectations of the upcoming cash dividend - both on Merkur and OTC, which probably is why we haven't seen new ATL (neither on Merkur, nor on OTC)
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