Ann: Implementation of Scheme of Arrangement, page-4

close. They made a bid for WCG, got control, then they diluted themselves by issuing a heap of new shares in WCG which was actually bought up by 5GN Directors and mates. They then effectively stripped WCG of costs and brought everything inside 5GN despite the simple fact that 5GN did not actually own WCG (just major shareholder). That created a problem because WCG became the cashcow, not 5GN. They knew they could not buy the remaining WCG shareholders out so the easiest fix for the mess they created was to do a reverse takeover where WCG bid for 5GN. They had the votes to get that deal done. A heap of tax losses made this a worthwhile action as well.

5GN shareholders have lost, WCG shareholders who accepted the original takeover lost big time, WCG shareholders who held out from the 5GN bid initially won, but have not won from the recent merger but still have come out quite ok. The 5GN Directors and mates who bought a heap of shares in WCG at 10c (instead of 5GN getting them) and then received a shipload of performance rights (@20c) have made a motza. Thanks for coming !!

Feel sorry for original WCG shareholders and 5GN shareholders...... thankfully i kept all my WCG shares, but unfortunately i did swap some WCG for 5GN shares later on which has not worked out as expected. Ended up getting WCG shares back, but at a lower quantity.