Ann: Tesoro increases ownership of El Zorro to 85%, page-38

Let's do some maths to calculate the value add that the 15% increase in ownership represents.

Pre money: TSO owns 95% of the Chilean holding company which in turn owned 70% of the El Zorro district.

at 20c, 555.9m SOI, 146.2m Performace shares, assuming maximum dillution where all performance targets are hit and all shares are released. (Which is an extremely POOR assumption because by doing so we don't account for share price appreciation and only account for the negatives)

Fully dilluted market cap of TSO would be (555.9m+146.2m)*20c = $140.2m.
Project adjusted value of TSO would be $140.2m divided by 95% divided by 70%
= $211.16m

Now Post money following todays announcement: TSO owns 95% of the holding company and 85% of the El Zorro district.
Fully dilluted market cap would be the same at : $140.2m
Project adjusted value would be $140.2m divided by 95% divided by 85%
= $173.62m
(p.s. higher number is bad in this case because our fully dilluted market cap represents a smaller proportion of the project value, think of it as paying more for the same thing)

This one announcement created $211.16-$173.62 = $37.52m in value to us the shareholders.

This 15% may not look like a lot on the surface but without doing ANYTHING TSO shareholders have received an extra $37.52m collectivelly.

If TSO stockholders were rational the share price would not have ended flat today, but alas it did not so I'm buying more