Could loosely describe this as breathtaking but I'm not about to charge in any time soon.
Some earlier calculations re 19.9% were eye catching but I'd think it might be worth revisiting those as possibly the wrong conclsuions were drawn.
Firstly, the announcement talks about McCabe increasing his holding to 19.9%... I have no idea what his base holding might be but it will impact resultant estimates;
Secondly, the announcement talks about 37m pounds of which "reducing the cash committment payable this year by some 30 mil pounds". Later in the announcement "...the payment will be deferred by three years..."
My interpretation is 7.0 mil pounds to increase holding to 19.9% and 30 million deferred at a negotiable rate...
Welcome comments... who on this forum has misinterpreted the annoucement.. hopefully me!
pre open.........., page-31
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