SPR value definition., page-18

Ok BB so your saying take away 20% of RMS’s SOI in SPR.
but you can’t take away that 20% from the RMS MC in determining the ratio for SPR shareholders!!

the cash payment;

0.25/1.6 = 0.156 to

.25/1.33 = 0.188

0.156*2 = 0.312

0.188*1.6 = 0.301 still circa 0.3B

And what about the 0.7% of Rms.

that’s surely just a ratio? Regardless of SOI.

The fact RMS do give the (full 20%)*0.7 of Rms back to themselves or not seems irrelevant.

0.7 of RMS current market cap (NOT REDUCED SOI because it is RMS market cap NOT SPR). 2.5= 1.75!!!B

The fact they don’t have to pay themselves the cash is irrelevant to the other 80% of holders?

The market cap of Rms IS 2.5B (@2.2) SOI is irrelevant in working that out.

How does SOI in Spr change the fact that 2.1B is owed to 100% of Spr holders

OR

1.75B is owed to the remaining 80% of Spr holders?

I’m sorry not to let this go.

I can’t see how Spr is being valued at 2.4B

even if there is only 1B SPR SOI as opposed to 1.2B SPR SOI.

Or are you saying that SPR shareholders are not getting the RMS component of SPR in the deal?

Like the 20% of SPR owned by RMS is excluded from Spr holders benefit!?

So we get 70% of RMS minus the holding they have in SPR currently??? (-400m)

that’s like saying SPR shareholders Only get PART OF RMS!!! Aka 2.5B mc minus their 400m holding in SPR! (Because it already is SPR!!)

This is how i see it! Please someone show this to be WRONG!

misleading at worst - confusing at best!

Doesn’t anyone else have worked clarity on this?

overall I am a fan and agree with Deserthead and Joelstar but as a sole SPR holder hopefully you can’t blame my desire for clarity on this.