Question is how do they fix it? Did the vendor companies have $10m to buy the projects, or did they just negotiate knowing BCN would pay (and they could collect their royalties). If the vendor companies don't have $10m cash then issuing restricted/escrowed BCN shares won't work because they can't be sold.
There is also the question of a the MD and Director competing with BCN by entering this deal? After all it's the same business/industry. I haven't checked board minutes or reports to see whether consent was given.
Someone will be out there thinking about how to fix this, here's my suggestion: Ditch the 4%, hand the acquisition over to BCN on the same terms so the reimbursement cash can be paid to the directors companies.
Ann: Lady Ida Project Update, page-49
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