Gulf Coast Ultra Deep Royalty Trust (GULTU)

[ErnieBilco]

Re-read the call option and now see why Miller is accumulating shares. They cannot buy any units back until June 3rd 2018 and then it can buy at $10 or .25 if it stays at or under .25 for NINE MONTHS not 90 days.

FCX has a call right with respect to the outstanding royalty trust units at $10 per royalty trust unit, provided that the call right may not be
exercised prior to June 3, 2018.   In addition, at any time after June   3,   2018, if the royalty trust units are then listed for trading or admitted for
quotation on a national securities exchange or any quotation system and the volume weighted average price per royalty trust unit is equal to $0.25
or less for the immediately preceding consecutive nine-month period, FCX may purchase all, but not less than all, of the outstanding royalty trust
units at a price of $0.25 per royalty trust unit so long as FCX tenders payment within 30 days following the end of such nine-month period.