It's done!, page-9

TPM has 1.2B debt. At time of merger it can have up to 2B debt.

There is $800M in the kitty for special dividend.

This is worth $0.90 to $1 a share. At 927M shares outstanding.

Say they capitalised Singapore with another $400M.

They will pay out a 50 cent fully cranked dividend prior to merge.

This does not allow for any cashflow generated up to the date of merge co.

Grab the pick forks and burn that witch!!!