Ann: Change in substantial holding, page-220

Andrew, I read the history as well before investing in BEZ and got the Vietnam part of the story verified by one of the Directors.
To be blunt as soon as BEZ came up with what looked like a resource in Vietnam the government at that time wanted it.
In the end it caused BEZ to go broke as they could not get further funding due to the stoush with the Vietnam government.
Pangea came along and helped resurrect BEZ and gave them loan money at 12%. Then Pangea gave them another lot of money to help them IPO. This is where Pangea swapped the debt for IPO CDIs (acka the 40mio CDIs). This is separate to the January placement of this year.
Now as soon as BEZ IPOed the shares went from 20c to a couple of cents as many of the previous shareholders who were given CDIs into the IPO took what money they could and sold down their new holding.
To be fair to Pangea this is their business of providing debt and or equity up to the IPO stage and then move on to help the next explorer. They specialise in resource companies.
Their previous transaction by Pangea to BEZ was the Beetaloo gas project in the Northern Territory which they helped to get off the group from the explorer stage and then sold out of it and used some of the money to get BEZ going again.

Now I spent many hours research all of this to verify what was said in the IPO prospectus. If anyone else has the time to check the history and finds i have got something wrong, please tell me. Thanks.