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On November 1, Cona Resources offered to buy Pengrowth Energy Corp. (PGHEF) (PGF.TO) for million. Shareholders were offered the generous sum of C$.05 per share or C$28 million plus a contingent payout related to a legal matter.
That legal matter is a deposit of C$18 million paid by Grand Valley Resources for the purchase of some Alberta oil assets for C$180 million in 2017 (Globe & Mail 7/17). Since the deal fell through, Pengrowth is asking the courts to release the $18 million. So, doing the math, 18 divided by