explain this, page-9

I was initially dismayed by the CLO joint venture announcement. However the placement price does not seem too bad (low) compared to some of the major placements over the last six months. No one seems to be calculating FGE weighted average share prices over the preceeding period.

FGE at current measures is significantly undervalued - but is there a future issue with capital funding for growth?

I will not be selling at this price but trust (silly me) the CLO assertion that the venture is significantly value accretive to both companies.