TRF owns 20m shares in IFE currently trading at $1.09
thats worth $21.8m and they also own a 20% free carried interest in the project worth about $11m based on IFE's market cap
Thats about $33m of value
even on a fully diluted basis (including restricted shares) TRF shares are worth around 70c just based on the value of IFE.
Obviously trading a discount due to the quality of management
