Philthe first indicative and subject to dd offer from rr was...

Phil

the first indicative and subject to dd offer from rr was received towards end of may 2018. I then told board we needed to do dd on the offer and the whole thing and it was mysteriously leaked to the asx and misrepresented as a fully blown offer. We suspended on 29th may. The offer wasn’t really withdrawn by rr, we just never had a chance of getting 60 days of dd done in 48 hours so looked like total idiots who couldn’t even manage our relationship with the asx. Rr decided to watch and see what happened in the 249d. Then we rebuilt their trust for a while and the second offer letter is dated 4th July2019. From memory we had kicked a few drafts of it back and forth so I guess the deal was agreed in principle maybe a month before that.

it had already been agreed between IW and DC that I was leaving (to prevent another 249d) and I spent some time trying to keep rr on side in the run up to my departure ( and kept refining the deal as it was still my job to do so) but once the press release was out (5th July) they (rr) lost interest. That was with comic irony, the day after the final offer letter was signed!

I think the ceo of rr probably thought that once the financing was announced then I would be back on board and we could carry on where we left off. However, it didn’t pan out like that as the new ceo apparent was a pretty popular pick and everyone at the time thought he would drive the project forward a secure finance in no time at all.