Petro Rio S.A. HRTPF

RE: RE: absurd valuation

[edka1]

HRT had a put/call option to sell/buy Petra's stake. The value of it was R$ 1,290 Bn. With R$ 2.14= US$ 1, the actual price is $ 603 millions (may be slightly more as real was stronger a year ago). The value of the transaction that surpassed this amount,  is split in two equal parts between Petra and HRT. So Rosneft/TNK paid $600M to date and that was passed on to Petra 100%. The remaining $400M will be split equally - which means HRT will get $200M. Sorry - i should have been more explicit.