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$2,175,442. With 515,600 shares outstanding at the time, the net book value per share amounted to $4.22. There was also outstanding at that time the option of Dunnion for 5,000 shares at $12.25 per share. As previously mentioned herein, this option was exercised February 20, 1955. Considering the additional shares issued thereunder Colonial's net worth was increased to $2,236,692 and its net worth per share increased to $4.30.

Eastern's net book value as of December 31, 1954, amounted to $59,247,379. With 2,485,868 shares outstanding, the net book value per share amounted to $23.83. The net book value of the combined companies would amount to $61,484,071 and there would be outstanding 2,746,168 shares with a value of $22.39 per share. Of this amount the Colonial interests would hold 260,300 shares representing a book value of $5,828,117. Thus the holdings of the existing Colonial interests would increase in value in the amount of $3,591,425.

An evaluation of the consideration on the basis of the market value of the Eastern and Colonial stocks would result in a more equal exchange of values. Colonial's 520,600 shares outstanding with an average market value for the month of December 1954 of $15.3125 per share, had a total market value of $7,971,687.50. Eastern's stock during the same period had an average market value of #37.9375. With 260,300 of Eastern's