I give the following more as an approach to a calculation than as an accurate one.

Assume no interest or taxation impacts.

Assume $800M in future license revenues.

TPL gets 15% off the top, $120M, leaving $680M to be split 50/50 by PDS yielding $340M to PTSC. That's about 83c per PTSC share - call it 80c after overheads, professional fees, board fees, board expenses and at least one more SHAM..

So if all the licenses were received on the same day a dividend of 80c per share could be paid - end of. Thus, to my mind, at any future time the SP would be no more than 80c less any dividends paid out.

Of course, if the BOD were to again skillfully invest the $340M "in the best interests of the company and its shareholders" then the potential dividends would be much less.

Plug in you own numbers.