This was posted on another forum:... it looks like the Iridium...

This was posted on another forum:

... it looks like the Iridium stake is coming home to roost.
FUL holds 6.385% of Iridium, however has secured a 10 million loan against a 25-35% of this. Say worst case they're left with 4.15% of Iridium.
If I read this correctly, the Iridium merger will give FUL:
USD 77 million * 4.15% = USD 3.2 million
73.9 million shares * 4.15% = about 3 million shares with IPO value of USD 10 each. Actually, if they oppose the merger they can get bought out for a per share value of USD 10.50 to USD 12.50.
So the combined value of this to FUL = USD 3.2 + (30 to 37.5) = 33.2 to 40.7million.
Their current market cap is about USD 2.5 million.
This could get interesting

http://www.aussiestockforums.com/forums/showthread.php?t=5653&page=2&highlight=ful