Ann: LoI for Cooperation on Strategic Investment, page-7

Yes, it’s a reverse takeover, a bit like Chemist Warehouse on Sigma Healthcare, except without the anti-competition concerns and I don’t think FIRB will take an interest because no Oz assets are involved even though it gets Yankuang an ASX listing. Current holders will probably end up owning around a third of the new shares, but it’s not like it’s a dilution because instead of owning a company going nowhere slowly, they’re owning a third of a company with the $220m injection that secures Muga Phase 1 production plus a bonus Canadian potash venture into the equation and I don’t think it stops there, there will be further acquisitions to make it a global potash giant.