There are a lot of assumptions in your 5.7:1 share price ratio. To do the analysis correctly you must look at the market cap of both companies, which will take into account the number of shares outstanding, and also value the property portfolio that GHDC has. Then the question of the 15% comes into play as well as lease payments from SFMI of any other company which may want to explore GHDC properties. I don't think it's as easy as initially thought. Am I off base here? Maybe a 5.7:1 ratio is a good first guestimate but how good is unknown.