I think it is just a clean up prior to the 'new' scheme. But,...

I think it is just a clean up prior to the 'new' scheme. But, why would Doug need to give up his pledge of shares to PEP. Actually, he likely has to... he cannot vote for a scheme that will be desolved because it has no Apex. And Apex is a player now. So we have no scheme at all... or a new scheme, I guess, with Apex.

My thinking is any new scheme must have bolted on ANOTHER 6 to 7 cent special dividend. You cannot offer to buy a company on CY19 numbers, then KEEP all the FY2020 earnings AND ignore a 15% EBITDA upgrade. That would be odd and unfair! You would not expect a scheme which gives a Company to a new owner, to sweet deal majority holders and underpay the minority holders.... would you?