I did the math on it before. I calculated 1 SGDM for eac 3 to 4 AURC.
From the latest SGDM 10K:
"Although the agreement with the UniverCompany Shareholders provides that the consideration for their shares will be the issuance by us of 41,000,000 shares, it is contemplated that we will issue 15,000,000 shares for the UniverCompany shares."
Keep in mind that Univer has 1.7 Billion in Gov't certified assets.
15 mln shs x 6.30 (pps of sgdm) = 94.5 mil
AURC 8.5 bil divided by Univer 1.7 bil = 5x more AURC assets
5 x 94.5 = 472.5 mil for AURC undeveloped assets.
472.5/319 = 1.48 per share worth of SGDM @ 6.30 per share.
6.30/1.48 = 4.25 AURC shares for ea 1 share SGDM.
AURC has more developed assets compared to Univer is how I arrive at 3 to 4 AURC for each SGDM.