Ann: Sale of New Hope Shares & Entry into Long Equity Derivative, page-21

Agreed that "perspective" is king.

But I'm not so sure that it will work out to 10-15% dilution.
If NHC goes gangbusters and returns a 20c div each year till 2026 (quite possible given the coal futures), then the notes could be converted at about $1.10 per share, making it 181m new shares.
That's about 22% dilution. Real black hat thinking, I know.

I have had experience with the SOL group going back to the mid-80's in the days of IEL, Adsteam etc. Some good, some not so.
On one hand, I admire them for their performance from a rag-tag group of mid-quality assets, yet occasionally the line is crossed and the losers are inevitably the non-family shareholders. On more than one occasion, I have promised never to go near, again. An entry price of $1.16 into NHC was too tempting.

My fear is that the sheer complexity of this whole deal masks the underlying intention. I hope I'm wrong.
But hope is not a viable investment strategy.

When my price target is reached, I'm out, thanks.