Ann: Board of Directors Update, page-31

Tony has given me permission to share his response to me in an email last year when I questioned the Spac entity

This part is relevant to your question

“Basically it revolves on how a SPAC works. It has to acquire a private entity or business which has an EV (Enterprise Value) a multiple of minimum 3 times the amount raised for it to be economically viable. In the IWAC case that amounts to US$ 300million plus. For IWAC to acquire WFL, WFL would have to be a private company (not public) and have a minimum EV of US$ 300Million. The suggestion by some shareholders that WFL could be bought by IWAC is pure fantasy which lacks a simple economic understanding of how public companies operate.”

Hope that puts u at ease