ZNCM
I don't know how much debt ZNCM had before the IPO or how much, if any, was transfered to UPG, but it sounds from the PR that ZNCM ended up with $6.4M of cash from selling 1 million shares, UPG ended up with $12.8M of cash from selling 2 million shares, and ZNCM held on to 2 million UPG shares, or a 40% non-controlling interest. With a current market cap of $17 million, it seems ZNCM could move higher, but future earnings will be hard to figure out. What used to be a relatively low PE stock has become more difficult to value.
Tmcal
