number 3 shareholder not happy with number 1 ?, page-42

Aka as I understand it, this is how it works.

The $17 mill from the koreans is a pre sale for 4 ships only, commencing Aug this year. The profit on 4 ships is about $6 mill for PLV, or the JV if this is what is happening.

The $20 mill from the Chinese is for 1 m tonnes, or 22 ships. The profit on 22 ships is $33,000,000.

The $12 mill pre sale is different. I don't think ships/tonnes were specicfied so the number could be anything...If we assume it is for 8 ships (no reason, just a guess), the profit on the deal is $12 mill.

Gives a total profit $51 mill. It either all goes to PLV or it all goes to the JV. If WEG come in with 50%, then it all goes to the JV. The profit is booked as the ships leave Cockatoo. The revenue is about $230 mill, of which about 50 is prepaid. The JV profit is 50 mill over the life of the contracts.

If WEG is still there, the JV will pay (and own) the bond, pay Cocka legals, pay all Cocka bills, pay Cocka drilling etc. I presume it would also pay for all mgt time spent on addressing Cocka issues, as we will be the operator. Only Irvine stuff would be outside the JV.

I don't see the problem