10.5% drop today 20%+ still to come, page-2

genem

The 21m shares released from escrow are in payment for the 70% share in the JV. There remains a balance of 4m shares that are in escrow until February 2014.

The other 20m shares released from escrow are 'performance' shares to the vendor and are subject to achieving 2,000oz Au of production within 5 years. There are a further 5m of these performance shares in escrow until February 2014.

So the 21m shares will be paid out immediately.

The 20m performance shares do not pass to the vendor until the 2koz Au target is reached.