This is where James (despite all my criticisms) shines. In...

This is where James (despite all my criticisms) shines. In financial deals!

I just hope I am not giving him too much credit too early however what I think he has done is a master stroke of financial brilliance.

I have no facts just theory: I believe the major buyer is Collins Street Asset Management https://www.csvf.com.au why? CSVF decided to forgoe the conversion of the con into shares at an average strike price say 90 cents. James knew had CSVF accepted shares this would have meant dilution for all shareholders. Instead James knowing Hancock Investments wanted out makes a deal with CSVF to convert con note into a cash payment ($9m). Then with this money offers to sell them team Hancocks holding in CYL for 75 cents. Brilliant.Then sends another positive message to the market by having Directors and Management buy the remainder of Hancocks shares. A big WIN/WIN/WIN for all parties involved including us wee shareholders.

As I said I may be giving him too much credit but if he orchestrated this arrangement, ABSOLUTELY WELL DONE!