Ann: Altech - All CP's Satisfied for European Equity Strategy, page-12

It was quite often raised that we needed an extra $75m to $100m US in working capital from equity sources to satisfy debt requirements before KFW monies and presumably the mezzanine would be provided to us to complete the project. Raising that through current shareholders at 10c would have diluted current shareholders to own 35% share of the Altech project, rather than the 51% share we'll get under this deal. Similarly, as it mentions a 100m US purchase for 49% values the company at approx $291m AUD which on paper lifts current shareholders worth to twice what it is now. We could all theorised better ways to turn this $1.1bn US NPV project to shareholder equity for current holders, but this is a direct way forward that is value accretive for current holders. FWIW 51% of a 1.1bn US company is still a little over a 10 fold return from here.