Fut,

Sorry it's taken me so long to get back to you on your post. I understand that both owners would now own the same company and I know they can't take shares away from shareholders. But if the value of the comany is doubled when they merge. Instead of a $1B company we're a $2B company and the share price is representative of the value of the total MMP instead of just half, then wouldn''t our shares be worth double in value provided the OS was not increased in numbers?

So I think what your saying is that because TPL has no shares, when they merged they would double need to double the OS and provide half to TPL's owners?

Or to retain the same OS we have now, they would do a reverse split 2 for 1 and provide half of those shares to TPL's owners and the other half of the shares would be owned by us. This would double the value of the OS but because TPL's owners would have half the shares and us shareholders would still have the same value double the SP price but we would own half as many shares because of the reverse split.

Am I understanding this correctly?

All the best,

Steve