The bid of 33 and ask of 35 results in a spread of 2, which is quite wide on the London stock exchange (SEAQ).
Today Germany cleared the deal, which is now expected to close "on or around 29 November 2016".
The merger consideration is 36 GBX. It looks like Sierra Leone will not tax minority shareholders.
"The GoSL has confirmed that no other amounts will be payable by Iluka, SRL or any other SRL Shareholder in respect of capital gains tax or other taxes payable under the laws of Sierra Leone in connection with the Merger."Upside is 7.46%. With the merger expected to close that shortly the IRR is really good, if the merger closes.