IF (and a BIG "if") the newco shares stabilize around $2 as advertised, PRE @ $21.81 (current as I type this) X 0.3528 shares per CZE share + a $2 share in the newco = $9.69 vs. $8.85 (current CZE)...a 9.5% differential.  Again, gotta assume newco shares will be worth two bucks... a risk but not impossible.  Repeat the math if PRE returns to Nov 9 level of  $23, it looks like 14%.   Cool.  GO to $30, PRE ! !   Popps