Wouldn't it fund itself through the money raised from the float?...

Wouldn't it fund itself through the money raised from the float? GBE retains much of the proceeds, with the new entity having enough cash for their initial 12 months drilling activities and working capital, but that is about all.

Yes, GBE sharehlders might get some free shares, but that is not the impression that I get:

"The new entity to be a listed company, with all Globe shareholders to have an equal right (based on their existing shareholding in Globe at a given date), to participate in the shareholding of the new entity."

All it says it that GBE shareholders would have an "equal right to participate"... sounds to me like you can participate but don't have to. A right. not an obligation. If the plan was to issue shares in the new entity to current GBE shareholders then surely they would have said so more explicitly?

But, I could be very wrong!

A lot of water to go under the bridge between now and then. Recent communications with the market have been quite full in their explanations. I am sure we will get a better idea of GBE's thoughts soon enough.

Looking forward to the Mount Muambe results in the coming weeks.

Yaq