I reserve my judgement until once the IPO subscriptions levels...

I reserve my judgement until once the IPO subscriptions levels come out. Until then, I am just watching.

1. My point was, in response to you saying they weren't prepared to put their own money in, that they never had that choice in front of them, it was not offered. The only choice they had was to green light or road block EQN, they green lighted EQN, so there isn't any undercurrent of dissent from PF1 holders.

2. There is $7-9M going into EQN that PF1 doesn't have to find. The exchange is approx. 30% interest for $7-9M, I think that is fair for a nil value asset, do you? As I said, that $7-9M in cash benefits PF1 holders via the indirect holding. If you want, recreate the IPO cash as a PF1 CR and compare the dilution under a revised SOI for PF1.

4. My recollection is that Directors were subscribing. Performance shares are only going to PF1 and Cazaly. The fees of the Lead Managers appear standard.

I haven't read the Supplementary Prospectus, is there anything in particular in it that took your eye?