If deal goes through - current 3300 plus two more at 1500 in rights ie total price of R 2100 - hl earnings of 390 ie new price at pe of 10 =3900 wow that means you can buy up to say 8100 plus the 2 rights at 1500 ie cost of (80+15+15)/3= 36666 still will leave you with value -. Big question can the general market sustain pe levels of 10 - will the deal happen , and will the hl earnings be 390 or higher. If one uses earnings ( not HL - difference is write down gw nad plant after the deal) ie 270 the numbers still work (ie you could buy up to 45 and on the same assumptions you all in would be 2550 with a after deal pprice of 2700 given a 10 pe. so why is the shre not rocketing ...!!! esp given that the earnings estimates are made at the dec 2006 numbers ( and synergies could be much more according to circular and the deal will consumate in july with 7 months earnings bein the goodwill writedown - also at the new market cap some institutional interest and free float increased to make the share more tradeable.