There is a paragraph on page 3 which is important. It states:
"Following the Spin-Out but prior to the In-specie Distribution, Ardea will hold 30,000,000 Godolphin Shares. Ardea intends to distribute and transfer all of its Godolphin Shares to Ardea Shareholders on a pro rata basis as an in-specie distribution (In-specie Distribution). "
So my take is that Ardea intends to raise $4.5 million to $8 million for working capital by selling 22.5 million to 40 million shares to the public and shafeholders (@20c per share). And also will give 30 million Godolphin shares to Ardea shareholders (those who hold ARL at a certain cut-off date). After the process, Godolphin will have about 50 to 70 million shares on issue, and have cash of about $4.5 to $8 million to start its exploration. Existing shareholders will be given a prorata number of Godolphin shares plus the option to buy more. If that interpretation is correct, then there are no complaints from me amigos.
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- Ann: Addendum to Notice of EGM and Prospectus
Ann: Addendum to Notice of EGM and Prospectus, page-12
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