SWM's T/O offer today has a grossed up value of 47.14c when you take the FC's into account.

Can buy for 39c presently. Fully supported by Board and major shareholder of 43%. A Good deal for shareholders and I'd assess it as a near certainty to proceed.

Major risks apart from shareholders not approving the deal would be ACCC refusing the deal but difficult to see as SWM and PRT are as thick as thieves via a distribution agreement due to be renewed in any event.

So cash flow wise the deal would be pay 39c now to receive back 36c in early CY22 with a flow on of the frankimg credits of 11.14c sometime time in FY23 depending on when you lodge your tax return. Works well for me and my SMSF.