If this article rates GPI's value on BlueBay's R16/GPI offer at R1bn, while GPI's actual mid-2007 value is R1.6bn, should GPI at mid-2007 shares not have a value of 16x1.6=25.6? which should put GPI's listing(if ever) value closer to R30 or over R30? Rai values GPI at R20 to R25, and, yes I know, CAE, also has a value ,much higher than it's share price is. I think that the actual value of the CAE shares GPI share holders are getting is worth R30/7=R4.28, but I also think that CAE is worth even more than that. I doubt GPI will have the strength to list, which is another reason why I think that the CAE offer, which is currently values offers more R20 a GPI share is a reasonable offer to GPI shareholders, and a good investment adding to the long-term stability of CAE. Agree?