Let's see the facts. Cash and shares are worth $42.6 million for 217.5 million shares of Craft, makes $20 cents per share to be distributed.
Remaining assets of Craft are under negotiation to be sold. The Craft debt is only $1.5 million. I think Craft can pay it and still have cash to distribute from this new sale.
If you really don't like these deals, then tell us what is better:
To wait even a year for Craft to be listed?
To wait for a better deal than 20-25 or more cents per share?
Or do you think they... delayed to do these sales??
I believe we will get around $18 cents from Craft PER CKE SHARE, NOT Craft share.
CKE management did a GREAT job. CKE was traded around 50 cents, now it trades at 44 BUT we will get 18 cents more, means 62 cents.
And more important, these "knowledgeable" investors and fund managers who sold like crazy CKE a few days before the spin-off have been proved very WRONG. Mr Market proved WRONG.
As it seems, it will be needed again facts to prove the undervaluation of CKE, like it happened with Craft. Personally, as I see that CKE management acts very decisively, I will wait here and I think for not too long.
P.S.: The SA contributor Value Digger was the only one who estimated the value of Craft to 20 or more cents per share. The next analyst was below 10 cents.