Firstly if Jetwell were to take the AAK Shares you are correct it would give them somewhere around 33% of the Company. This would make them a substantial shareholder and would entitle them positions on the Board. This may not be a bad thing as something positive could happen however, this could be 3 years away.
Secondly, the NPAT figure you quote is a projected figure based on projected growth figures which of course may not be obtained. The problem with being a minority shareholder is that you have no control over the accounting so there may never be a profit. Also AAK should not be able to equity account the figures so it may not reflect on AAk's bottom line. Also you have to wonder that based on $30m for 20% is supreme worth $150m based on it's current earnings. It is hard to know who is the winner in this however, we know that AAK does not have the current ability to raise $30m for a minority shareholding nor do Jetwell know what they value they would get in AAK scrip in 3 years. I am assuming that someone on both sides did some due diligence!
AAK Price at posting:
0.1¢ Sentiment: Sell Disclosure: Not Held