Ann: Half Year Accounts , page-17

Yes, ufofred - 20m held in trust - to go towards purchase price of DSRs and options if exercised.

I'm not a numbers person so apologies in advance if I'm in error with this hypothetical example.

If, following the "final determination", the vwap turned out to be the current 12m low of 17c then itochu wouldn't have much to add to pick up 40% of the total shares on issue. With the 10% discount I calculate that they'd pay a bit over the $20m ($20,869,200) to own 136,400,000 shares (40% of 341m). They'd takeover as the major shareholder with the new total shares on issue increasing to 477.4m.

Let's hope, though, that our SP remains healthy following a win in court before 2015 !