in five or so bullet points ...., page-32

tmt,

Exactly. But make sure everyone keeps clearly focussed on the fact that the $300m of Pensador shares issued free to the current owners of the Angolan assets to be transferred to Pensador is a completely separate exercise to the fund raising process.

Pensador will issue $1.1bn worth of US$20 shares to Angolan nationals and other parties (and there is a chance that these Angolan nationals might be the same people who just happen to presently own parts of the assets to be transferred) and that is its major focus - raising $1.1bn in cash to fund the development of all these assets.

I also agree that Pensador is the likely vehicle for the ongoing development of future projects - which will benefit CVI who one day will own all of Pensador's issued capital.

Cheers

Badfish