Hi Rocks, if you're correct thats a better result for ARDO. and...

Hi Rocks,
if you're correct thats a better result for ARDO. and fairer given the loss of Bullant which was to provide start up cash flow 1st half 2011 and thus ARDO should have been in the money.

Also I figure that ARD just made a tidy profit on Bullant.
Bought for $5.326m + $70k of ARD shares. Sold for (sort of)
$3.12m (cancelling 19.5m @16c ARD)+ $6.16m (44m USN @ 14c)

There is also a $.89m enviro bond ARD should get back.

Do agree with your thought of ARD keeping the USN shares. It should add some value to ARD sp and do holders really want USN ? many would sell immediately.

Interesting the new PI raising. we couldn't do it before... I wonder if having USN as significant shareholder put many PIs off?

Also have gone from hold to buy. looking cheap to me.