I think JRL hold:34.2m EME and 10.8m EMEO. JRL fully diluted...

I think JRL hold:

34.2m EME and 10.8m EMEO.

JRL fully diluted share: 35.1m

Assume JRL use its cash reserve to convert EMEO into EME, each JRL hold 1.28 EME shares

EME 120c, implied value in JRL is 153c.

While JRL is only 95c!

JRL need to appreciate 26% to be on par with EME, and 62% to reflect the value of EME holding.

JRL also holds $5m worth shares in other companies.

You figure it out!

Actually, in past 12 months, JRL is higher then EME in about 25% of the period.

Currently, 26% discount might be the highest in JRL/EME history.