Yeah , it beggars belief really. How a split of this nature can...

Yeah , it beggars belief really. How a split of this nature can be decided on based on the factual numbers illustrated in their latest respective accounts.

And while Piedmont would have been up for 25% of its share of those Administrative costs you mention , I 'm not sure the actual results posted on concentrate shipped are even in the ' spirit ' of the 50% / 50% terms of the offtake agreement. Because if you look at Piedmont's latest account , you'll see that they actually account for 58 odd percent of the total of concentrate shipped for its 2024 year ...., and virtually 60% for the 2023 year.

In terms of the ' Liabilities ' as you say. This is of course important when you stop and consider some of the more intangables like legal issues pending and various permitting and approval barriers and obstacles including Government decision making etc..

However , I would rather look at the bottom line of profitability and accumulated losses which will be bestowed on Sayona shareholders and in terms of the straight up ' Equity ' that this merge presents.

For instance , Piedmont in its full year 2024 results posted a Net Loss of US$64,761M ( A$ 99.63 M @ .65 exchange ) on top of a US$21,777 ( A$ 33,503 M ) in its full year 2023.

This compares to Sayona who posted a loss from operations for the Half Year to 31st December of A$54,438 M while its TOTAL accumulated losses were reported at A$177,166,000. And of course this accumulated loss is over a longer period than that of just the TWO years I have shown for Piedmont. So that's and approximate A$133,133,000 for Piedmont in accumulated losses verses A$177,166,000 for Sayona.

So then you can move from there and go straight to the ' Losses ' per share where you'll find Piedmont's most up to date loss per share equals and equivalent A$5.077 per share. When you take that ' PRE ' consolidation and divide it by 527 which is the conversion ration , you'll then arrive at a figure of .009 cents per share of losses being contributed to the Merged entities combined balance sheet. This then compares to Sayona's reported ' Basic ' and ' Diluted ' earnings per share of .005 cents per share.

Even if you account for the added 1,250,000,000 shares and the current total of 11,543,296,014 reported in share capital at the end of December divided into the ' accumulated ' losses in the balance sheet at the same time of A$177,166,000 , you only get an accumulated earnings per share loss of 1.5 cents verses almost 1.0 cents coming across from Piedmont.

So I'm not sure that in the scheme of things given our loss per share is over a number of years is a fair 50 / 50 representation when you consider the losses flowing through Piedmont just in the last 2 years. Especially when it also appears they have exceeded their entitlement of spod concentrate shipped over the last 2 years under the said offtake agreement.

And given the ' commonality ' of some of the shareholders in each of the separate businesses as it stands now ....., Who effectively gains control after the merge and after the consolidation......