time to pay up, page-51

Thanks factfinder, I’m not familiar with ASX’s rulebook – so you’re saying the level of dilution (of the original shareholders) in the reverse takeover was as much as could be done without involving a lot more regulatory hassle?

If so, then I can understand the splitting of interests. Something had to happen to make the deal work. But buying 50% of Cougar UK was structured as a post reverse-takeover event. Surely it could have been 100% for $500k instead – or an option on the other 50% or whatever if the final outcome wasn’t Mr Walker’s intention.

This company is to a large extent about backing Mr Walker in his UCG endeavours, it gives considerable pause for thought that he has reserved a portion and doubtless intends the public company to help the private one do well.

Nocturnally yours, Rapier