bald man walking, page-5

... also note the last two very important words in the text:

"...discounted prices."...

The DGR Board, like the rest of us (well, those of us who already own nice chunks of DGR!) consider the current share price to be at a discount to fair value. As you noted Mark, the EV of DGR, even in its current state, is somewhere between 57 and 71 (call it 65 to split the difference), so we're still trading at a 30% discount to fair value. And that's before we have even started rolling out the good stuff.

Given that DGR shreholders will be getting some sort of preferential treatment in the upcoming IPOs, further value exists at current prices.

(All personal opinion).