That does not appear in the official announcement , i don't where it's from but it's not
in there
1. The A$10 million initial payment for the grant of the option is non-refundable and does not result in any dilution to the existing FMS shareholders. Even if Todd elects not to exercise the option, FMS still retains the A$10 million option payment, as well as regaining control of PIOP and obtains the benefit of all further work completed on PIOP that has been done at Todd’s cost.
2. The A$55 million payment upon an election by Todd to exercise the option is again non-refundable and does not result in any dilution to the existing FMS shareholders. Based on the indicative valuation assumptions below, the net present value of the royalty payable on PIOP is ~A$160 million.
Trading, page-92
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