Fani, Agreed with your overall assessment, but I would tweak it a bit by assigning the 17.5% of CHM a $ figure and put it up front with the cash and ahead of 9M shares of RGX ($8M on your list). Since FNC can dispose of the 17% CHM without any restriction (I believe) while the Argex holding is held in escrow (until 2013?).
So,
- cash: $8.4M (Ref: Fantomas post)
- 17.5% CHM: $28.8M
- RGX: $8M
--------
Total: $45.2M ++++ other properties, compared to market cap of $19.5 M based on today's SP of $0.26/s.
Some cool profit of $25.7M ++++some free properties (which may fetch some $100s M.
Perhaps we get together with a few other fellow posters, went to a bank and present this situation for some bridge loan, say $20M + 50% prenium = 30M$. We can start accumulating at market price first to get something like a 10+%, reveal ourselves and get ready for a bidding war. Most likely, we may be trumped by a much higher bid, and be bought out at a much higher premium to make some cool $M on top of the borrowed amount. If our 50% premium offer were accepted then we would get a lot more money and the free stuff.
Simple, eh. That's why the rich is getting richer.
goldhunter
