Ann: Improved terms of proposal, page-52

So what! Licenses come and go. Sometimes better to relinquish than beggar yourself, as MEO has found for itself in the past. Get a few mill and a Carry to Production on TS, then MEO can stop worrying about it, and get on with being a nicely cashed up junior explorer. Trim down the operation to be a lean and mean explorer. drop salaries and instead give share options. Incentivise staff and make them alert. Its a different world now to a year ago.