Ann: Redomiciliation Update, page-23

It is very interesting no one is talking about the hinted suggestion that EMH may be diluted at the project level in Geomet .
Suggested , off takers to take a stake with prepayments , Also ERBD wont want any more shares in EMH , I would certainly think they too will want to be in at the project level . And they all will want a board seat to oversee their investment .

What does that mean , at least the share holder agreement in Geomet quantifies both partners will be diluted equally .
Now , when you get say two players that want to give you $100 mil each . How many shares do you give them ??????????

At the moment there will probably only be 100 shares in Geomet , 51 for CEZ and 49 for us . That doesn't sound like enough shares to go around ?????? The whole trick here is GEOMET will need to be independently Valued to asses what the $100 Mil each would be in terms of precentage of the whole value of the project . I am thinking we can reverse engineer a value and a percentage that we may give away . I am liking the 5% figure below , we dont want to give away too much .

	Cash Input		Geomet Valuation
1	$200,000,000		$1,000,000,000		20.00%
2
3	$200,000,000		$2,000,000,000		10.00%
4
5	$200,000,000		$3,000,000,000		6.67%
6
7	$200,000,000		$4,000,000,000		5.00%
8
9	$200,000,000		$5,000,000,000		4.00%
10
11	$200,000,000		$6,000,000,000		3.33%
12
13	$200,000,000		$7,000,000,000		2.86%
14
15	$200,000,000		$8,000,000,000		2.50%
16
17	$200,000,000		$9,000,000,000		2.22%
18
19	$200,000,000		$10,000,000,000		2.00%

But then hey PRESTO the project now has a valuation out side of any international broking platforms .

I wander how the share price will then perform in each international duristriction after this . We all know stockmarkets can get it all wrong . On the point of the offtake based on above , I would certainly be happy , to get the project further down the line ie CRMA Critical Raw Material Status etc to create that whole value in Geomet B4 an offtaker flashed some cash at us .

The higher the Geomet Value the less dilution . And then add Geomet will mostly be funded with loans , grants and others . EMH will not only get diluted by a small amount in Geomet , but will not also be diluted as EMH as we may not need any cash for capex .

The kicker here in my example above EMH will still own 46.5 % of the project valued at $1,860,000,000 Or $8.96 aud a share . Even halving the value it is still monumentous . Oh how the stock markets get it so wrong .