PLS stole the project for peanuts. Everyone know this, and naturally PLS knows this. They should have offered a much higher price by repaying the AJM debts and moreover allow for a payment to AJM shareholders. That payment would have taken place in kind by offering AJM shareholders some PLS shares on a PLS/AJM exchange rate. If AJM decides to initiate a court battle to get the project back or ask for millions in cash remediation it would be better for PLS to settle this out of court by offering them shares instead.
Ann: Effectuation of Deed of Company Arrangement, page-115
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