PCY owns 25 million shares of NKL. PCY has 236 million shares FD. So if NKL is trading at 3.60, that is worth 25mm x 3.60 = 90 mil to PCY. 90mm/236mm shares = .381 per share value to PCY. Or slightly more than 10% of the per share price of NKL is the value per share to PCY. Si?
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