Connacher hold 27 million of PDP shares.

In March 2011 CLL will receive 3.3 million GTE shares. At $8.3 per GTE share this will have a $27.8 million value on the CLL balance sheet (6.3 cents per CLL share).

Before the transaction PDP was trading at cents 73 cents adding $19.7 million or 4.5 cents per CLL share.

It looks like we have about 2 cents gain in CLL NAVPS on this transaction.

Considering the enthusiasm on the SH board maybe we can finaly go over $1.4 and stay there.

It will be interesting to see if management will dispose the GTE shares or hold on to it for future capital gains.