That is exactly the point that I was trying to make.

When looking at the value per share of LGDI, one needs to factor in the price of a share of NAD as well, since LGDI owns half of the company.

NAD is already a publicly traded company and does not need to be spun off into anything else. In principle, you already own these shares through your owneship of LGDI. LGDI could sell this interest to produce a good amount of operating capital, without causing any share price dilution at all. Interesting idea!

There were other potential diamond assets that belong to LGDI that the company once upon a time announced they would spin off. We haven't heard about that in ages. It may be time to start pressuring LGDI to come clean on their plans for that spin off.

The game is far from over ...