One big part of the equation- ARTIS AND MANJIWith SP very weak again, assuming Artis and Sandpiper still hold most their shares and in best-case all, 37.5m - 12m (DAM) - 7 million (artis/sandpiper) = 18.5 million shares left.
18.5 x $14 = 260 million
Artis can effectively buy the remaining public float and bring it into artis somehow.
Unlikely but artis has the dollars to do so if they remain bullish on the assets