Well if it is a bid for EME (I am not convinced that a 'corporate transaction' can only mean a bid), there are countless possibilities for JRL regarding their stake.
The obvious one would be a dividend to shareholders (imagine that!). The other alternative, which I might be partial to, is an inspecie distribution of the EME shares to JRL shareholders (that would be about 1.4 EME shares for every 1 JRL share - amazing). This would at least give JRL shareholders the opporuntity to make their own decision about any bid for EME.
Given that two JRL directors each have around 5 million shares in JRL, Im guessing they will be keen to act in the best interests of JRL shareholders LOL!
It still amazes me that JRL traded at such a huge discount to asset value, given that they basically flagged late last year that they were looking to realise their EME investment over the coming year.
Not counting my chickens yet though...I'll wait till I see the TKO before I start opening some champers. Until then, Ill just keep biting whats left of my nails.
Cdchi1
jrl net asset value summary, page-9
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