ibs variation, page-3

One bit that confuses me is with regards to tranches 2 & 3 that were to be issued to IBS subject to them earning US$2.5 million EBITDA to 30 Sep 08. Do we assume that they did not reach that milestone and therefore were not entitled to the shares and were therefore just a little bit grumpy about that. If so I could just imaging the ploitics going on as they would argue about who was responsible for what costs, thus they have now cleared that side up a little. An interesting sentence "The total of 22,000,000 shares under tranches 2 & 3 would have been issued immediately in the event that the Board of Unilfe resolved to approve an offer from a third party to acquire substantially all of the issed shares in Unilfe." What is the deal with that sentence. Somthing going on there Doc.

Tranche 3 of 9.2 m shares is cancelled. What then has happened with tranche 2. Was this issued. Was tranche 2 for 12,800,000. Seems odd as you would have assumed it was three lots of 11m.

Anyway, I think there is quite a lot there between the lines and look forward to hearing more about it in late November.