St Andrew Goldfields Ord STADF

RE:Don't understand the arbitrage

[mortgages101]

"Under the terms of the Agreement, common shareholders of St Andrew will receive 0.0906 of one common share of Kirkland Lake (the "Exchange Ratio") for each St Andrew common share held. The Exchange Ratio represents the equivalent of C$0.47 per St Andrew common share, based on the closing price of Kirkland Lake on November 16, 2015." 

Kirkland closed on the 16th @ $5.23
Kirkland opened today @ $4.67

The 0.0906 conversion @ todays price is not woth the same at $5.23

If I undertand it correctly.