Hi@Yilgangie,"I'm a bit bemused also about the general comments...

Hi@Yilgangie,

"I'm a bit bemused also about the general comments that ppl wanted script being issued to settle the deal, one minute their are complaints about too many shares and now others suggest that's what should be issued."

The answer is both - solve both issues with one transaction in consolidation and issue of shares for project vend in. If somehow the project financing can be viable for the directors taking escrow shares it would be a huge win for the company. No $20m @ 12% to pay back. No 400m free options.

Here's the best case scenario :

-Consolidate 10/1 shares to have approx 380m shares and 18m unlisted options on issue.

-Issue the directors (or company owning rights to Lady Ida) 50m new consolidated shares on top (At todays 3c or consolidated price of 30c would be $15m worth to sweeten the deal) and give them minimum escrow time to suit ASX - hopefully for them only 12 months.

-Then they claim all costs back in cash from BCN that ASX are happy with - the $1m or even $2m over the 10yrs or so they've been at Lady Ida

- We don't need Lady Ida running right now - why borrow money to get it up and going? Hold dividends and finance inhouse when reserves stable.

The only problem is the 4% NSR they put in the original deal - I just don't know how this could be settled - performance rights maybe or substantial bonus system in place for directors voted on by shareholders like everything will need to be?


Brings me to my main and original concern which no one seems to have asked - Why didn't they look to do something like this from the start??

It doesn't look great at all even though I know they deserve financial benefit for all the work around Lady Ida.

Could you imagine the difference and share price strength if this had have been proposed at the start? The narrative would be that directors back Shareholders in vending in company making project for script and cleaning up the register ready for institutional buying if they are interested. We wouldn't be at 2.7c I can tell you that - at least mid 3's pre consolidation you would think. The company would be in so much better shape - no 3.8B shares and 580m options on issue and no $20m of debt at 12%.

They have stuffed this acquisition up - and possibly got poor legal advice so not blaming anyone.

How they fix this is more important and will be the big watch here.

Cheers,

Disco.