Two things that struck me from this and the AJQ announcement.
1. Some other selling/farmout going on?
"Work on the project should begin by May, Armour Chief Executive Officer Robbert de Weijer said in a phone interview. Separately, the company is seeking buyers for a stake in 7.8 million acres it holds in the same region, he said."
2. Grant of options - yesterday's AJQ announcement
"As part of the finalised transaction, Armour will also issue options in an amount equivalent to 5% of the then current number of outstanding shares, exercisable at 20 cents per share expiring on 31 December 2016. AEP will also nominate a Director to be appointed to the Armour Board upon exercise of the options and expenditure of a minimum of US$25m on the work program.
Does not say to whom? I'm assuming that gives AEP 5% of the company.
So by my estimation AEP also get a sweet 5% of AJQ - about 7.5million shares for 1.5million AUD.
AEP getting a pretty good piece of schtick in this.
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