poker face - NICE. 84.1m INCLUDING INTEREST, I was using the sticky 83m number and calcd another 8m in interest, so this is much better - AND the numbers now make more sense than the 91m I came up with.
117.5 - 84.1 = $33.4m, which is very close to the $35m required for Zapata, assuming the 'specified liabilities' being paid in addition to the $117m cash covers the non PP/BAM debt.
So, what will the shares be? If it turns out there is no reduction of PP shares, then we think the shares will be
80 + 65 + 35 = 180m shares with the 65 being potentially convertable .08 shares and 35 being definitely converted .19 shares
$33.4 / 180m = .1855
So, there's your .19 fully diluted valuation amount.
If in fact the 65m shares are NOT converted until later which I think is the case since there was no 60 day notice, the proper valuation in the share price should be higher
33.4/115 = .29 or so.
This looks very undervalued at .11 cents, if I'm doing the numbers right.
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