Blackwater sell down, page-30

It seems rather a minor point to be worth isolating so many HC members over and staking one's ego on.

In the event of a sell down ...

Whatever WHC do with the cash, it will essentially go to retiring debt that would otherwise have ended up on the balance sheet. Whether that's existing vendor finance, future contingent payments, or working capital.

Paul stated clearly they're not participating in the AA mine sales so they can focus on bedding down and operating their existing mines. By extension I doubt Vickery or Winchester will be allocated much capital any time soon.

We also know that dividends will only be paid out of proceeds from the NSW mines until vendor finance debt is retired.

So essentially we'll end up in the same balance sheet position whatever they do with the sell down proceeds. ie no new money will be spent than is already required to run the company, make contingent payments, or otherwise already flagged.