You guys dont seem to get it. They are buying a small piece of a GIANT business. The seller obviously doesnt care about it and PRXI is taking advantage of it. Its brilliant and makes PRXI worth more, totally separate from the Titanic stuff. The p/r almost literally tells us the Titanic sale is imminent from the wording, read it carefully. it also totally implies the Titanic business is going to be sold completely separately, which is quite interesting in itself. Meaning the "leftover" would be PRXI which is now instantly more valuable. I guarantee you this business they are acquiring does NOT lose $, we will soon see. Meanwhile I am guessing it has revenues over $20mm. AEG (the parent company) is gigantic and owned by a guy worth $10 billion (Philip Anschultz, he owns a chunk of the Lakers and owns Staples Center!) so I doubt this is an important transaction for him. Hell, perhaps he wants the Titanic assets. Who knows. No way to view this as anything but positive since the company is not expending any cash, and they are only giving 10% of the Management biz to them and 0% of the separate Titanic assets. Absolutely genius.
The purchase of the AEI exhibition business is an additional step in our previously announced strategic restructuring. The transaction further positions the Company to maximize the value of its exhibition business after the completion of a Titanic sale transaction," said Samuel Weiser, Premier's interim president and chief executive officer.
Premier said the transaction is non-dilutive with respect to current shareholders' interest in Premier's Titanic assets.
Read that very carefully. VERY VERY positively worded and even implies they are just maximizing value of the separate operating business for a sale of it as well.