Vantage Drilling Company Common Shares (VTGDF)

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I'm failing to see why this isn't trading above .28 cents.

It's pretty simple math - VTGDF owns 655,000 shares of VDI - there are 13,000,000 shares outstanding of VDI trading at $100 a share.

Total market cap of VDI = $1.3 billion, and VTGDF owns 5% of that.

5% of $1.3 billion = $65M.

300M shares of VTGDF outstanding.

$65M / 300M = .216 cents.


Also - if every share of VDI is getting $40 per share dividend, then VTGDF as an entity and as a shareholder of VDI should be getting a dividend of $40 x 655,000 = $26.2 million.

$26.2 million / 300 million shares should equal .08 cents per share dividend. So not only do you have a .216 cent per shares value just based on value of VDI, but add .08 cents to that for the dividend, .296.

Am I wrong here? Happy to hear any suggestions as to why I might be wrong about the value, but seems pretty straightforward if VTGDF is simply a 5% shareholder of VDI.