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11:28
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Originally posted by Kevin Beaman:
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It is interesting to note that the announcement does not detail the split of funds received. Only $200k has been paid for the 33% equity held in the Ivy Entities. The balance of $1.3m is a co-contribution from Ivy towards unspecified contingent tax liabilities of Ivy that CCA is obliged to settle by virtue of the terms of the Ivy operating agreement. Those liabilities are estimated by Ivy to be between $2.7m and $3.5m gross. So, CCA will have a net payable. There may be some offset against this but CCA has not provided any information in this regard. It is worth noting too that a large quantity of the 117m Ivy tokens "returned" to Ivy are to be held in escrow for 18 months and will not be returned to Ivy in the event of any action being brought "against CCA, Elmoson or the prior Officers of CCA who were alsothe Managers of Ivy, during the 18 month escrow perio d". An interesting condition to impose.
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dont get why they don't fully disclose this in this asx announcement... its so vague...
