Ann: Silver Lake Acquires Red 5 Shares, page-154

So if thats the case then it just sounds like the gains SLR had made in that original RED investment have been split pretty much 50/50 with existing RED holders instead of being 100% realised by SLR?
Or putting it another way SLR gave away $40m (half the original $80m investment) to RED holders.…. poooowf gone.
Why wouldn’t SLR monetize (eg; sell them) prior to the scheme closing? As then SLR holders get the full 100% return yeah? Instead of giving away half to RED.
And considering the structure is RED taking over SLR it was SLR holders voting on the scheme so it wouldn’t have mattered who they sold those RED shares too (as they wouldn’t have voted on the merger).