some maths which will inevitably be wrong..., page-90

Sisyphus
Re spin off of ACE imo

This Itochu deal is just an enticement to bring them into the "fold".imo


If AGS only retain 25%. Itochu should/could then imo take the option of the 14.9% in AGS shares and offload at a higher price down the track. A nice earn for them, nothing else. But thats niether here nor there.!

With that (only 25%)ACE as a single entity wouldn’t materialise anyway.imo So the 25.1% in ACE has no bearing.

If AGS wins (return of the entire asset)then ACE probably would be stripped away and Itochu no doubt would take up their offer. imo and All our costs covered.

Everything depends on the share price at take-up and what happens with ACE?

The wording of the take-up offers of the 14.9% and 25.1% is ambiguous.imo. I hope its explained clearly for share-holders at the meeting ahead.!

Good Luck All
Md