Scenario: Only one or more new strategic investors will secure...

Scenario: Only one or more new strategic investors will secure the financing for phases 1 and 2.

However, this is only under the condition that at least Apollo and Bo Tan sell all or a large part of their shares to these investors.

What price would have to be offered and paid for the shares to be sold?

Certainly not the current 3c, even if Apollo and Bo Tan themselves have only paid, say, 4c per share!

In any case, the current 3c is only the price at which other speculators would like to buy the shares from the small shareholders. But it won't work! There would have to be a much higher bid now!

What would be a reasonable price for Apollo and Bo Tan compared to the 40c that AO-Zhong paid and in view of BFS, whose figures everyone knows, of course?

At 20c and above we could perhaps talk, at 30c the entire 430m shares (Apollo and Bo Tan) would perhaps be on the table and sold. That would be about 130m AUD or about 80m USD for the buyer(s).

The small shareholders with their approx. 150m shares would presumably also accept this 30c and perhaps sell beforehand.

Or a takeover bid is made for 100% of the shares, approx. 700m, at say AUD 30-40c.That would be around AUD 210-280m for the buyer(s).

Certainly feasible for the buyer(s)!