For those unfortunates still holding TSQD, looks like 6.2 ratio....
Forgetting the lawsuit for the moment, reading the draft proposal for the swap shows estimated 14.55 million shares of TSQD when all options exercised. DRIV shares, 2,650,000, will be reduced to provide for liquidating trust, needing $6,345,000 in value. They estimated 180,000 share bite, based on DRIV at $35.25. Use present value of approx. $22, and shares needed increase to 288,000. Subtracting from 2,650,000 leaves 2,362,000 for distribution. Dividing that into the est. 14.55 million shares of TSQD finds 6.16 shares of TSQD to swap for one share of DRIV. Stated otherwise, you will have 16.23% as many shares of DRIV as you had shares of TSQD.
Number of shares needed for trust will vary with DRIV price up to closing, and some may ultimately come back if trust liabilities less than anticipated.
Of course, lawsuit may seriously delay, if not destroy, the whole deal.
Not happy.
David |
