Carmichael Royalty

I posted a couple of weeks ago as I was perplexed as to how LNC was going to pay down some of the $600 m debt the company has incurred.

Since that time LNC has announced

Sale of Carmichael Royalty to Adani for $155M
and the negotiations of unsolicited bid for the Oil assets.

Fantastic announcements?

Wonder what has become of the sale or listing of the coal Assets that PB announced would happen during the 1st half of the year?

My main concern is the sale of the Carmichael Royalty to Adani at $155 M PB by numerous announcements has made us believe that this 20 Year income stream was going to be a real winner for LNC and to sell this off for what I consider to be a token amount has consequences for LNC.

The coal mine in peak production is capable of producing 50 M tonnes of coal p.a. which carries a royalty payment of $100 M and to sell this royalty back for 1.5 years income seems to be too cheap.

I would to see LNC spin off this Royalty to existing shareholders:

Today if there are 500 M shares on issue each share pays 40 Cents X 500 M
LNC receives $200 M

The shareholders potentially can earn $100 M in the years 2020 till 2035 assuming it takes 5 years to ramp up to full production this is 20 cents dividend per share for 15 years for an outlay of 40 cents a share.

Why PB won't do it is because he'd need to trump up with 40 cents per share for his 27% stake.
Is it good for shareholders to sell off this royalty for $155 M in a word NO