This is such an easy lift for PXP.
PXP has 1.7B shares outstanding yet they are authorized to have 6.0B shares outstanding.
Their current market cap is $450,000,000. With that market cap as the basis for FEL valuation our FEL is worth $37,000,000.
PXP owns 55% of FECOF therefore a buyout of FECOF is logical, however that buyout must also come at a premium.
Who on this board would accept a buyout of $74,000,000 for FECOF or $0.18/share?
I would, yet only if I received shares of PXP so that I could participate in the upside for many years to come.
Given that PXP already owns 55% of FECOF it would cost PXP $33,300,000 to purchase FECOF at $0.18/share. That's just over 127,000,000 shares of PXP.
Upshot: PXP can own FECOF for the easy price of $0 cash and a simple increase of shares outstanding from 1,700,000,000 to 1,827,000,000.
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