Ann: Change in substantial holding, page-25

Regal bought half of Taurus less than a year ago, back in early November 2023.

Taurus's facility dates back to April 2022 - and so was already in place.

The first (subsequent) change in sub notice from Regal is late November 2023, when they had 365m shares.

You can see from their last quarterly that their facilities are all drawn and they are still negative free cash flow, and from response to ASX yesterday that they're "reviewing their options".

My sense is they have been short on working capital for some time. This means they need more capital - it doesn't much matter whether this is equity or debt. But because their facilities are all drawn, it is more likely equity.

Call me naive but I don't think it matters that Taurus holds the debt. If they be raising equity, they be raising equity - and at a discount. Long way of saying Regal selling makes sense, and Taurus and Regal don't need a grand plan. As of yesterday, they're down to 171m. With any luck today, they may be close to ceasing to be a sub.

That's my 3c, inflation adjusted.