Ann: PESA Conference Presentation, page-9

I think whether you sell down via a farm-in or JV, or spin the assets out, it's the same outcome - you end up diluting AJQ's interest in the NT - under the current proposition, the existing shareholders will end up with a third of the NT assets and have the ability to subscribe for more in the IPO. The company is clearly doing this to wipe out the debt, which is far too much for a company of this scale and represents a real existential issue. Everything else for the company is subordinate to this IMO