go conti, page-117

I see bringing in BEE2 as clearly a commerical decision - with BEE1 repayment was on the never never.

I take it that you are saying that Masawu had no interest in paying for its share of equity in CCL SA i.e. the loans advanced to it to pay for the CCL SA share were unlikely to be repaid to CCC. Paying $5m in CCC shares to Masawu to get paid $20-30m in return sounds like smart thinking though I do fear most of those shares will be tipped in for sale on the ASX.