Good points KB.
The CoH scientists, like scientists anywhere, probably aren't expensive. But their doctors would be, and we won't be able to claim the Australian R&D rebate.
Yes, COH might accept part payment in RAC shares. So it's dilutive to that extent.
The main problem is that COH doesn't need RAC's labour input. They'll manage perfectly well without our technical assistance. They were managing fine until they hit the patent wall. So we can only contribute money to the JV.
I think ongoing progress payments rather than lump sums.
Competition: Guess the strike price of the sweetener options, page-9
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