RE:news outWhile one can argue that a piece of SALT's value at the current price includes a phantom value of the spinco, yet to be determined, for sure that value has yet to reach Vulcan.
Yet, the irony is Vulcan will hold its future fate with the 9.6 million shares it will be holding, as well as the cabal of Patrick, Mr Salt, and friends and family. All together as a group they are clearly the largest block of ownership in SALT, thus the spinco. Why does this matter? Because nothing will happen to either entity that they don't approve of !! No backdoor takeovers, cheap front-running offers that undervalue the asset, or proxy fights that suck the blood out of the asset's value.
No, as shareholders here, VUL, the recognition of the value might seem slow, but with this structure in place, you should sleep well at night.