To elaborate further on why I think it is Gurvantes that the DD identified, (a) spin out costs, (b) capitalisation requirements per listing rules, (c) solvency requirements, say, first 6 months forecast forward expenditure. After all, you can't dump Newco onto the boards with $1 to it's name. SOA is a long and protracted process, not in TPDs budget, STX would have been our overdraft for the duration.
Ann: Discussions with Strike Energy, page-382
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