Ann: Four Mile - Termination Of Sales And Marketing Agency, page-447

Itochu is entitled to get 160m(roughly 40%) shares (total) in AGS for around 32m. (20c a Share).

Plus a Seat on the Board?

But what does the below mean?

" or 14.9% of the issued share capital in Alliance Craton Explorer Pty Ltd ("ACE") and, subject to exercising its rights, an option to acquire a further 25.1% of the issued shares in ACE. "

Does the above allow for a spin off and a new Company? In one announcement there was mention of Cash and scrip to shareholders as examples?

The above is another complication that the Directors have me guessing at. I maybe reading into announcements the wrong way but theres a lot more to the Itochu Deal than was put to Shareholders.imo

With this latest Court Action and again I maybe right or wrong here but to me it appears that Itochu is the only possible buyer interested, but on one condition, now, Rights of Distribution of the 25%.

Also its a negotiated number meaning that the value may not be great as if there were a number of Parties bidding. imo

Now we come to H/Q/BBros and their actions during this Sale process.
I'm tipping that H/Q/BBros have covered a possibility of a Sale in the original J/V and it does not read well or advantage AGS.imo
I'm talking more than just a right to buy that we know of? imo


BUT If AGS gets distribution rights for the 25%.
Look at what we have, ACE with distribution rights. WOW - WHY Sell!

All the above is speculation but again I say ACE with 25% distribution rights. I love it.! No Sale then.! imo


Hang on We're dealing with the BBros. Aint gunna happen!


Md