They keep on creating valueNPV of Marmato according to them is >200 mil, so they spin it off to a shell company for 57 mil... to create value for shareholders. Makes sense.
I think someone posted that directors or arms length people own 20% of the new company. If that's right and Marmato is truly worth > 200 mil, well the 150 mil difference * 20% = a nice 30 million dollar benefit to them? If so, let us not doubt that they are acting in share holder's best interests and this transaction can only be beneficial. The share price should be soaring on all this constant value creation they keep doing for the shareholders.
Fiscal year 2019 financial statements should look great with that 150 mil loss hitting the books. No worries though, it's "non cash" (like as if they got Marmato for free har de har har), and "adjusted" earnings will be stellar.
GCM makes tons of money. But it's what they do with that money that is important.
I'm the eternal skeptic/cynic. More a Munger than a Buffet.
Good luck to all!