I really think IRA tax reason was not an issue.Lnco is being used as currency and has a smaller float.That can be a reason for difference
Valid and there is also a larger potential ownership base.
Whatever the reason, this is yet another example of a sustained market inefficiency.
As owners we should all hope the premium for LNCO remains as it is indeed the currency of acquisition.
Although Mr. Ellis really needs to slow down and do some digesting. Attending to investment rationalization/prioritization and then on solid operation efficiency.