Ann: Aje Development Funding Arrangements, page-12

I think "majority stake" is management-speak for "full ownership."

Because later on they go on to say, when they list JKA's assets post-transaction, that JKA will still retain exposure to Aje through the shares they will hold in the AIM-listed company.

If they were going to retain, say, 30% of the Aje holding company, they would still have a DIRECT stake in Aje. But there is no mention of this in the list of assets post-deal - only that they will have exposure through the shares.

So we can safely assume IMO that it's all gone. Happy to be proven wrong if anyone else can find out differently.

There is another big negative to this and that is the deal is conditional. If the AIM-listed sees significant cost overruns occurring at Aje they can pull out, cut their losses, and then JKA is once more up for the full remaining costs. So basically, if Aje is a success JKA lose it. If Aje is a failure, the AIM company jumps ship and JKA is left with the flaming bag of poo.

So far the agreement has a CR which has raised funds for current expenditure. Please don't argue that this dilutes JKA terminally, it clearly doesn't!

Nobody's arguing it terminally dilutes JKA. It dilutes them about 20% for $1M though, and $1M will only just allow them to tread water on corporate overheads and directors' fees for a while. It is hardly what you could call working capital.

The problem is that if they lose Aje, we have a company with no near-term projects, no money at all, and no hope of raising any in the current environment. Aje is by far the best and most valuable asset the company has - and the best offer they could get for it is $3M worth of shares in a dodgy AIM-listed company.