correct calculation - worse then you think, page-3

That's the way they want you to read it!

Note the word POST. That means after the takeover. That is when they will pay you the cash, but meanwhile your holding in PDY has been diluted (divided by 13). Your PDY will convert to FEL shares and thus what you will be paid is pittance!!

This offer is like somebody offering $50,000 for your house which is worth $500,000. The offer is completely undervalued and in my opinion is a complete scam. DYOR.