The original structure of the Pirra spinout, as you may already...

The original structure of the Pirra spinout, as you may already know, was that CAI and Hamoa SH would get shares in Pirra. There is an assumption they will also raise some money in the IPO, we dont know yet how much.

However some SH have since mooted some other options and ways off extracting value for CAI eg sell the asset into the IPO rather than giving SH shares in it, and use those funds to pay down debt. Could happen but issue for me with this is I cant see them selling it for enough (in this market) to make much difference to the debt position. I have near term developers trading at 20M MC so what is Pirra worth at this early stage, 5M maybe?

I asked Dave directly about 3 weeks ago - will the structure of Pirra spin out be as orginally expected or will it take on some other form - he could not confirm or otherwise.

We will have to wait for the announment detailing structure, any statements prioir to then are all hypotheticals.