Mark - if IMUL is going into full liquidation mode [I think the company is still trying to work out the details, so this is definitely a WAG <g>] here is the breakdown:
according to yahoo and last SEC 10Q, it has
1) 20.4MM shares outstanding
2) equity is ~$51MM prior to the CANTAB deal, or
2a) ~$51 - $6MM = ~$45MM plus at least 2.6MM shares of CANTAB
3) of which, ~$26MM is current asset [i.e., highly liquid]
4) possible future income is $11MM worth of CANTAB stock
so, even with a charge for termination expense of say 10% of liquid asset, there should be at least $1.20 to $2.00 cash distribution. Then, shareholders should get 1 to 2 shares of CANTAB stock for every 10 shares of IMUL, if IMUL doesn't/can't liquidate the stock holding. That is worth about $1 or 2/share [$10/(1/10)]
Therefore, therectically, it works out to $2.20 to $4.00 after all is said and done. But I think there may be a few kinks along the way.
best, Bosco |
