Altagas holdingsThese numbers will move with the passage of time, but why would Tidewater want to hold on to $325 million worth of ALA?
Tidewater as of mid-year had $655 million of bank debt, $155 million of term debt and $72 million of convertible debentures. So $810 million of debt, disregarging the debentures. Or ballpark $485 million of debt after the cash part of the deal is applied.
There's about 34 million shares of LCFS, about 10.5 million of them held by minority shareholders. (I haven't double-checked these numbers so take with a grain). Scotia is expecting LCFS to have $2.30 per share EARNINGS in 2024. Would it not be smart for TWM to try to snap up as many shares of LCFS as possible at any price under $12??? Or $13??? Or would you prefer to collect a 4% dividend from ALA?