I like your thinking, it makes a lot of sense after reading between the lines of today's announcement and perhaps the CEO may have had something to do with it. But I don't agree with the company giving the assets away for a song.
Why couldn't we hold 50% in the end? The new entity could have done an inspecie share transfer of the remainder to MLS holders to meet ASX listing requirements and instead of raising $3.5m by issuing more stock at this rock-bottom price, perhaps MLS could have taken con notes and just loaned the money to the new entity until they find their feet before exploring dual listing down the track.
Ann: Trading Halt, page-96
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