Ann: Updated Announcement - Non-Binding Proposal, page-66

When the noise is separated from the relevant facts, this is what i get

Relevant Facts

1. ARR directors were prepared to go to a NASDAQ listing via a SPAC takeover if PPYA had $5m in cash
2. PPYA couldn't get the minimum $5m from its investors to conclude the transaction
3. There are no other PPYA SPACs.

Noise

1. The US$400m valuation is meaningless as it relates to shares in a listed shell that has no material assets
2. What Sten Gustafson is doing with Phyophate has nothing to do with ARR

By way of additional information (facts) about Sten Gustafson's Phyophate, Phyophate had almost $120 million in redemptions by September 2023 and we don't know how much cash they currently have because they have not filed their December 23 accounts and are now delisted from the NYSE....