Sorry Jonkey - my previous post overlapped before I read yours.I...

Sorry Jonkey - my previous post overlapped before I read yours.

I understand what you & Crone are saying and what Robyn has further confirmed today. No issue there.

As to what's fair and what was given up, everyone can draw their own conclusions.

MD resigned/was removed as a Director of C10 on 11/2/20 (Cease date).

The market was informed on 27/2/20 that MD had departed and that JL & RT were part of a block trade of long term supporters of VOR.

Yes, RT stumped up $295k at the time for 43m shares (at $0.06875) prior to consolidation (round it up to 14c post consolidation).

JL stumped up just under $50k for 7m shares.

Well done to JL to get RT to stump up a lot more to form part of the block trade. Was there risk associated with buying those shares? Some, but not too much at the time, as Bombora & QF also participated. (Although, in hindsight it was timely as Covid-19 kicked in a few weeks later).

We know RT had 2,356,004 shares as of 17/7/20 (via the AR) and I absolutely believe you when you say he wasn't in the T100 a few weeks ago.

So whether he had a tax obligation or not he sold all or a significant parcel (lets say a $300k cost base) in the rally. It's not inconceivable that he did very nicely.

True, RT wasn't present when the CNs were established. But he possibly had insight that the CNs weren't going to be converted and/or he was negotiating his own buyout rights.

It looks to me JL has found ways to either reward RT or soften the blow along the way.

There is approx $7.8m of goodwill sitting on the books for C10 and $3.2m for DWX - for businesses that are delivering similar numbers.

Good luck to RT, but over the journey I don't think he's taken much of a hit for the team.

If I were to feel collegiate towards anybody, it would be the DWX team. They vended at $0.22c, they haven't sold a share (as at 17/7/20) and have since delivered 3 years of 25% CAGR under the stewardship of VOR, whilst waiting for this show to get going. They probably received some interest for being CN holders when times were riskier.

As for the future ...

Your insights about changing from brands to a group focus is what is needed from here and should be in place before any further acquisitions.

It's possible that JL did whatever he could to secure C10 back in late 2018. This included getting creative with the contingency payouts. Now he's found a way to reset that agreement and remove two years of potential contingency overhang.

If most shareholders are happy about RT putting in $200k @ 18c then so be it.

If the CN holders have been repaid and the business is solid then great.

But after the management review and re-alignment it would be great if they can get this show on the road.