RE:I don't get itThere are taxes to consider, but the main thing is that they are only allocating U$30Mil to buy back roughly 4% of the outstanding shares on a Pro-Rata Basis. If Catalyst and Gramercy both participate in full, they will get 55% ot the $30mil. since they own 55% of the shares. I think this entire very strange and purposely confusing deal was devised because Catalyst needs cash, thus they own 41% of the shares = 41% of U$30Mil. or $12.3Mil likely will go to them.
If oversubscribed, which is highly likely. You will only be able to tender the % of the company shares that you own to get your likely very small portion of the $30mm worth of $12C shares that are being bought back. Most of us own small %'s of 1% of outstanding FEC shares. So, you can't just tender all your shares and expect all to be bought at $12C. Most likely, only a small % of you shares will be bought at $12C.