is it too good to be true, page-22

Perhaps the premium was paid in return for the loan being secured against the refinery (or its purchase price anyhow)

Don't think so if it is the same group providing the debt and equity swap...

If it goes belly up, they will be out potentially the full cost of the shares ($150M) - and they have put up another $170M in debt.

So, they could have secured the debt against the refinery ($170M) - but they would still lose the $150M.

I think it's more likely (as Macrae alluded to) that the refinery for example will cost $240M to set up, and the deal will be brokered through the financial body who is providing the finance.

As such, $70M is the real amount that gets put in for 750M shares which then equates to about the current share price.

Where were those dinner invitations again? Would love to invite along the CVI swiss banker once he finishes his skiing holiday.