RE:RE:Future potential - PNG Entity"Mr. Bordessa is a partner of Cyrus Capital Partners, L.P. (“Cyrus”). Cyrus is the investment manager to certain funds who are the sole shareholders of FBC Holdings Srl (“FBC”). FBC owned 21,916,634 common share or 45.0% of the issued and outstanding common shares of High Arctic as of July 20, 2023. The Corporation has been informed by Cyrus that they continue to support High Arctic and its Board of Directors in their efforts to maximize value for all shareholders through the contemplated reorganization."
The CC also mentioned High Arctic itself helping to backstop the transaction.
End of October for special shareholder meeting, so we should get our info package well before then.
The SP is very low by historical levels, based on current working capital ($62 million, nearly the current market cap) and the state of the balance sheet, and future potential. However, I'd guess most shareholders by now have their full positions.
Shareholders' equity in the last financials: $112 million. No intangible value or goodwill assigned to the PNG division despite long and superior relationships in PNG.