Jhd, it is rather simple if there are 200 million oustanding shares. For every billion dollars of value, that is equal to $5.00 dollars per share. So what I would be saying with $20.00 a share is if this trades again, the market will find four billion dollars of value even if it is not stated that way publically.
I do not care anymore about pre exit confirmation share prices, as mine are all converted. So when I discuss it only makes sense to talk about NEWCO shares and prices.