MS told me these guys were getting into Pensador with their cash.
Doesn't stack up to me:- Buy shares at 22.2 cents
- Sell shares for an average of probably 15 cents
- Get into Pensador instead of CVI
- Pensador clawback at 30 cents per CVI share, over triple the current share price
So - if parties close to the deal wanted into Pensador and they knew what was going on, CVI would be the preferred entry - as the calculation of worth is based upon 30 cents per CVI share.
So this leaves with one or more of the following:- The people getting into Pensador instead of CVI aren't too bright
- The clawback will be enacted at whatever the current CVI price is
- Pensdaor has better leverage for buying CVI shares than the 3 to 1 for CVI clawback (ie - the fund does not have and is not worth $1.1B)
- CVI will not be the vehicle of choice for the prominent Angolans and MS is being played
I like to think that I am reasonably cluey - however I currently have no idea how to possibly reconcile the above. I have been able to broadly understand the business plan and what was being done, but now have no idea.
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- where do we stand then....
where do we stand then...., page-33
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