Ann: TSI India Option Agreement & TSN Operations Update, page-88

One factor that you've not considered is that (as I understand it) CX Partners are a forced seller.

One gets the feeling that Gary and his team are simply taking advantage of the circumstances and "driving a hard bargain". This does not necessarily mean that the remaining 75% is worth less than $47M, but simply that Gary and his team think that they can get it for less. We still have first right of refusal if another bidder were to join the party.

Another very clever move by Gary which in my view shifted the power dynamic in the sale/purchase negotiations was the securing by TSN (not TSI) of the agreement with Novatti. This tie-in is hugely valuable, strengthening TSN's value relative to TSI's.

This has all been played very intelligently by TSN. Patience is required as a SH but the end result will be worth it. Obviously, the lower the purchase price the more debt/less equity will be involved in the funding arrangement. That's great for us shareholders.