Great points.
On the question of debt, it helps to consider that RWL's sole beneficial owner is the billionaire Ron Lauder. I would expect (although this is purely speculation) the business is funded by equity, or related party debt, but no external debt. This structure is common for private companies with wealthy shareholders. Should this be the case it could be expected that a condition precedent to the transaction is that all related party debt is converted to equity in RWL so that upon implementation of the script deal RWL comes over debt free. We will no doubt get a better picture of RWL's financial position closer to the EGM for approval of the transaction.
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