selling 34% of their business for 35.9 Million? The Tlowitsis, We Wai Kai, Wei Wai Kum and K’moks First Nations and Western Forest Products Inc. have reached an agreement for the Nations to acquire a 34% interest from Western in a newly formed Limited Partnership for $35.9 million..
If i read this right, then it seems to me they are valuing their whole business at little over 100 million; or 33.3 cents / share when there are 316.7 million shares outstanding... It's an agreement with first nations, so i guess they'll benefit somehow, but on the surface this looks like they're giving away their business for practically nothing when their net assets i figured were around 1.80 per share. The Partnership will consist of certain assets and liabilities of Western’s Mid Island Forest Operation, including Block 2 of Tree Farm Licence 39.
Am i wrong? does anyone have any insight?