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Portage's main asset was ownership of over 6mm BHVN shares. The value of these shares exceeded the market cap of PTGEF minus all liabilities. When PTGEF announced in December that it was going to dividend out the majority of those shares in January, we were able to build a long position in PTGEF and a short in BHVN corresponding to the number of shares that PTGEF was going to dividend out.

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