Hi Squeef, Im still holding and agree with your figures re $21M cash and debt free. Plus a new $7M investment in the trust that bought the property, performance fee for Churchill expansion and management income for the next 5 years for running Churchill North.
There was the $9M deferred revenue (Cosco paying in advance) on the balance sheet, which would have had to have been paid back, but the net sales figure cleaning this and all else out would have been $17.5M (where $7M went to the trust).
Ann: Churchill South Option Exercised, page-4
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