All of the above is factually completely incorrect. The following is the proposed capital structure following the completion of the transfer of the SPM assets and the number and status of the new shares - this is all on Slide 9 in the "Notice of General Meeting" dated 12th Jan 2015:
SPM - 580m "Consideration Shares" - deemed at 5 cents
SPM - 165m convertible notes at an agreed price of 10 cents.
SPII - 30m "Repayment Shares" to be issued at 10 cents
The net of all that and assume that the notes may be converted in the future then the cumulative interest of SPII and SPM will amount to 79.5% of the new capital structure.
My understanding is that ALL of these shares will be in escrow for a period of 2 years (again assumes conversion of the notes which may well not happen, at least for a while). The escrow period will not I believe be activated until the shares are actually issued which at this point in time they haven't.
Drilling programme is alive, cash flow is alive and I believe good things to come.
Have a good day
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