Ann: Memorandum of Agreement and MMPRC Dividend Payment, page-9

Won't argue your arithmetic - close enough. The problem is that they must have everything done by 28 February 2025 to get relisted. That will include a prospectus. It's possible, but unlikely. One comment you makes is spot on and not appreciated. "this voluntary administration has all been deliberately planned and orchestrated" - so the scenario I paint can come to fruition and that equity in X64 gets purchased at super distressed prices. By people who always wanted it this way. There are issues with Tigerway (costs, money available) so how much cash/profit is PMC really making despite the obviously good gold price economics. RV has no incentive to relist & neither do the NEDs