Hi Boned1,
I've just has a reread of the announcement and my take is that CM get to take part in the placement to enable them to retain their current shareholding percentage.
However, CM may also be eligible to take part in the SPP as well.
Other Interesting Items:
The FMG royalty should also be considered part of the cost of the deal but can only be quantified on a monthly basis.
Also, if a takeover offer comes in, FMG gets 4 days to match it.
quick take on the deal, page-22
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