The trading volumes are not big. We are likely seeing arbitrage play mostly. Sell a share of PBN buy a share of PBG. Around the end of December you will get back 1.1 shares of PBN and a "new PBG" share with $1 cash, the heavy oil lands, Thai assets, and the intellectal property of Arcon. And you only miss one month's dividends. Not a bad trade if your transaction costs are low.