I agree, splitting the two and having one an unlisted public...

I agree, splitting the two and having one an unlisted public company and the other a listed company with a common share register is heading towards a BFC or AHF style where management fees will drain any value from the unlisted vehicle and capital raising on the back of shareholders for the listed vehicle. Not overly excited and the market recognises this as well. It will be interesting to see if an independent Board is appointed for the proposed CCIL entity or if it is a replication of the 1AG Board.

The latest exercising of options by the current Directors indicates they have a plan and given history I can't see that plan being in the interests of all shareholders but I can see it shoring up self interest or self protection.

The only interesting part is the SNC holding as they will have a substantial vote control over the proposed resolutions as I suspect they will need to be special resolutions and that requires a vote support of at least 75% to get passed. Also whether SNC seeks a Board seat on either CCIL or 1AG in its new form. Follow the money here would be a good idea.

It will be clearer when the documents are issued to shareholders to review and in the mean time 1AG remains on the watching brief with a heightened interest by many at as guess.