AFD FILE Question 4/5 transferring proposal, page-2

@lgs and others

Thanks heaps for the info and heads up.

Can only quickly peruse on mobile and will try review further later on lappy if can.

Agree, on first pass seems a slap but on digging a little some things string together a bit more.

I feel that some of the chinese to english context gets lost in translation sometimes and I have a couple quest / thoughts.

Firstly...when they speak of the NXR shareholder in one part for nil consideration, I am asking if that collective is Liu, the family and current BOD transferring effectively their control of NXR? What is the back deal for them? Are they already AFD major SH and so, just a reallocation of shares between entities as such?

Unfortunately, they then speak of what I think is the rest of us as a collective (bit confusing here) transferring to AFD. I get the feel that could imply our shares are merely to become AFD shares not so much anything else.

NXR currently approx. 240m SOI plus the propsed private CR for additional 42m which ties in correctly with their total of 280m odd SOI after the merger.

That indicates to me dilution not there but its outlay in the presso is very grey at this stage so can't be definitive on that.

The relist price to me actually appears to be 0.50 c not 0.05 c. This ties in with the tiered SPP at 15c, 25c then 50c and the stated end MC of $96m against 280m odd SOI at 50c after relist. So, 50c would be great if correct?

I can't figure out last page about the 180m shares and cash but assume an additional 180m will be issued or will be converted 1:1 for existing AFD shares.

To me so far appears as if NXR will need the cash via SPP and the transfer of (?) our major SH group shares to allow wang, wang & chai to then execute the NXR SH meetings for us to take AFD shares, then have NXR pay for the AFD shares via cash and shares in NXR.

All rather convoluted and very very grey at this stage and need to see a formal ASX vetted presso b4 concluding the outlines.

In essence though, it appears the transaction could, shoehorn AFD onto the ASX via cashing up NXR and allowing a relist at 50c with hopefully the still in play 40% WBT ownership contract that can go to 100% if invoked.

If there is still wider interest in the tech I get the feeling, reading between the lines, the chinese want it and this could be a play to get that ownership.

How it affects us NXR holders ......hmmmm.....need prop vetted presso as I said.

Just my initial thoughts.