TSN- Spec Buy. Target 6-7cents, page-322

Very interesting concept that I had not thought of.

As you say, using TSI value = TSN x 4 the lower the TSN share price the lower the TSI value in dollar terms.

Not sure how "possible/likely" such a scenario is but would provide an incentive to keep the price down, especially if you are party to the funding of the acquisition of TSI.
We also know that the TSI management wish to acquire TSN shares.... hmmmm.

Thanks for the "pondering material"!

MartyW