Conversion ratio and food for thought.
Assuming Bearing honors their commitment to let one share of BRGRF ($1.08USD) equal one share of TSXV-BRZ ($1.39CN) we LIEG shareholders would get 1 share of BRGRF for each 31 shares of LIEG we surrender. Based on 495,153,347 LIEG shares divided by 16,000,000 Bearing shares.
Therefore $1.08/31 = $.0348 is/was the "Real" value of a LIEG share on Wednesday and the pps we should have closed at but smart traders beat the price down to $.0299
In theory if the merger/conversion date were Thursday morning before the opening bell for example then those shrewd traders playing the arbitrage would have profited $.0049 on each LIEG share they bought on Wednesday as the little guys here panicked. The bigger the spread (ie BRGRF higher and LIEG lower) then the more these shrewd traders will profit on conversion day.
We LIEG shareholders now need to keep one sharp eye on the LIEG pps and the other eye on the BRGRF pps divided by 31. Whenever our LIEG pps drops below BRGRF/31 then you know professional day-traders are in the building manipulating the LIEG pps down to their advantage at our expense.
On the other hand if you see the LIEG pps shoot up higher than BRGRF/31 then you will have to wonder if the Thailand or Chinese big boys like Ganfeng or Henk or even Tesla are talking to the remaining LIEG team members (or very large LIEG shareholders) who didn't take a cushy salaried position with Bearing. I would think we shareholders still have to vote our approval to merge with Bearing... and I for one will be voting against the merger.
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