Ann: Half Year Accounts, page-9

So I'm guessing we're going to be left with a TSM (aus) that has a % ownership in the uk company - but a bucket load more money (from the shares sold into the float). They're currently sitting on millions unsure what to do with it, so unless there's a massive pipeline of investments down the track I'm not sure how this benefits existing shareholders. Sure the float may be at a price above todays for % ownership, but the underlying value would've been there anyway - net of any listing fees etc.

If anything this increases the risk that TSM aus will be involved with another off market buy back/taken private

Announcement re new agreement is however positive news.