Ann: Polo Increases Direct Interest in Blackham, page-27

Just tried to nut it out. Bloody hell, this is a ridiculously complicated register. I really need to map this out properly again... I was all over it 18 months ago but huge changes since then. When you include Lanstead and Orion into an already complicated scenario, it makes it tough for the average Joe on the street to work it out (no pun intended for the long-term holders )

What I do know is that there is definitely a typo in the release. Cant possibly be 25 million polo shares at 3.92 or that's close enough to 100m quid for 2m AUD of Blackham shares lol. I think they missed the decimal point 2 places back. That equals near enough to 2 mil after FX applied.

Tanner, as much as I want that to be the case, unfortunately it's not. The ownership structure of Perfectus is not discussed, only that Perfectus will be selling 10m shares to Polo at 21c. That said, JG is definitely divesting as Polo is a much bigger co than Perfectus, so by completing an equity swap he's diluting his indirect holding of BLK in exchange for more diversification (via Polo's portfolio). On the surface it seems Polo investors or getting the rough end of the stick. I can't understand why Perfectus would get a 10% discount to BLK's SP and Polo pay a 36% premium to their SP...???