Resource Capital Gold Corp GDPEF

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:hypothetical RCG+ANX merger

[LeftBook]

Lots of things are happening making it hard to judge.
ANX had 382M shares, $35.7M equity worth 9.3c/share on May 2017.
RCG had 123M shares, $8.5M equity worth 6.9c/share on June 2017.
basically a 1.35:1
The 1:1 offer looks like a good deal.

RCG had been doing 17c capital issuance (aka RCG common shares) in 2017.
That helped to counterbalance the 45M of the shares were underwater the year before.
Ultimately, book was 6.9c/sh not 17c
Gibson or someone else might have expected more investments at 17c and scuttled the low-bid.
Dunno.

$15M of tax credits might explain why ANX offered 1:1 vs 1.35:1

ANX did a 4:1 consolidation in December 2018.
Followed by dilution to get to the current 118.8M shares.
 
If RCG did a a 5:1 consolidation then RCG and ANX are back at the point where they could do a 1:1 conversion.

I bet there is even more to untangle before making a fair judgement.