TheGlobe.com (TGLO) has 441,480,473 shares outstanding of which Delfin Midstream owns 312,825,952 of them. This means the public float is 128,654,521 shares or 29.14% of the shares outstanding.
We believe after a Final Investment Decision is made and Delfin Midstream merges into TGLO, they will dilute TGLO in such a way that today's float will equal a smaller percentage of the overall company... most likely in the 5%-12.5% range.
This would equal shares outstanding post-merger of between 1,029,236,168 and 2,573,090,420.
Based on our belief that Delfin Midstream is worth approximately $5 billion this is how we estimate a valuation of approximately $2-$5 per share for TGLO if a positive Final Investment Decision is made before year-end.
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