The pain is shared, because it pains me to say that it appears...

The pain is shared, because it pains me to say that it appears as tho we have two transactions.

One: “the capital increase” - approved at the 68th meeting of the GF board on Sep 6 - to bring its equity stake progressively to 55% of the JV via the delivery of a capital increase. (As at 31 Dec GF had 50.5% of the JV according to today’s Leo quarterly, following their first
release of funds to the JV). That transaction is still in progress and when it completes it will bring GF to 55%.

Two: “the transaction” - approved at the 72nd meeting of the GF board two days ago - to acquire 5% equity in the JV directly from LLL. This, plus the completion of the capital increase, will ultimately bring GF to 60%.




As @Red Baron suggests, they appear to have been left scrambling (by their nonetheless “supportive” partner). Clarity definitely required now from Leo in a statement - I’m sure we will read about it in the AFR shortly.