RE:Merger proposalFNC actually has 159 million share outstanding so it's even worse.
SZM shareholders will own 33.7% of the merged co so that is the same as doing a 27.5 million share financing. Assume we could do that financing 60c it would raise $16.5 million.
On the plus side, if FNC could sell its Champion Iron at the current level of about $5/sh we get about $25 million for the same dilution. Not sure what the net after tax would be on that sale though.
I originally bought my SZM when it had only 4 million shares outstanding so I am getting numb to the dilution and the wait.
I don't know which way I will vote.