Haha, just watched the video and jumped on, your one step ahead of me!!
At around 10.46 Chris says "the transaction was structured as a split between carry and cash considerations in order to share the EPL benefit thus retaining some of the benefit to HHR. Had the transaction been just a carry with no cash element the entire EPL would have been to RR account with HHR receiving no benefit at all."
My reading of it is that the farm in is to our benefit as equity but that RR will receive the EPL benefit. Is that how you see it @sergeant?
Ann: Change of Director's Interest Notice, page-134
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