Inevitably this is going to come down to a valuation of what is...

Inevitably this is going to come down to a valuation of what is versus what might be. If we really are confident in the future of Kookynie then perhaps the negotiation over a couple of percentage points in this transaction will retrospectively look like rearranging the chocolate biscuits. Let's hope so, but again it's difficult for us to get our ducks in a line prior to the MRE.

The other alternative is that prior to a transaction NME looks at cleaning up its balance sheet and associated liabilities. Inevitably that will entail more shares on issue but fewer liabilities for MCT to take on. I'll leave it up to the boffins who have a more intimate knowledge of both companies to make an assessment on which would deliver the better outcome, but ultimately I want both parties to find a way for this to close as quickly as possible, with gratuitous legal costs minimised.