It feels like a rort. STX will probaby sell Spanish portfolio to Prospex where all the board buddies are at steeply discounted price. It is currently generating $1m+ per quarter, so valuation should be at least $40m-$50m with Tesorillo attached.
Like others have alluded, it will probably go for $5m and all UK board members can now stay there to be Prospex' board members.
Ann: Receipt of non-binding and indicative proposal, page-57
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