Kim,
FWIW,
I didn't read the deal like you at all. Doesn't mean you're wrong and I'm right.
I understood it as. SEY issued shares to raise 10 million cash which would have been enough to pay 10p/share had all Fusion shareholders elected cash + 2.5 shares instead of 3.5 shares. I reckon about 80% will take shares. Westmount certainly took shares. I think they'll only have 2 pay out about 2 million pounds. Deal expenses could be high but SEY should have had good cash flow since June 30th with high nat gas prices in USA. Also Fusion had a lot of cash on the balance sheet.