Eddy, there are some other variations on your scenerios that may come into play.

One I can think of immediately. If Rusoro does manage to get 20% or more of GRZ shares, GRZ would be to trigger the poison pill and by doing so double the number of shares in the hands of the remaining shareholders while not affecting the number that Rusoro holds.

That automatically reduces Rusoro share to 10% and then GRZ could declare the dividend on all the shares.

Rusoro would have to withdraw as the deal no longer makes economic sense. They would get 10% of the GRZ dividend but are then faced with issuing double the number of their own shares in order to get any more GRZ stock.

If RML tried to continue, the holdout shareholders in GRZ would all have twice as many shares and 90% of the cash. At that point we could accept 3 for 1 if we wanted to but RML stock would be virtually worthless.