some clarification stll needed

While this ann is the first in the right direction for JRV shareholders it is far from great.

This is only a frame agreement and all parties are yet to enter into formalities. We have seen this happen before and agreements falling over. I do beleive this time will be different and it will go ahead come october (if nothing more than the fact of shareholder pressure on DP) BUT there is always a possibility something can go wrong and it can all fall over again.

The australian government is yet to approve this. Again they probably will but given JRV will only have a 30% stake at best there will be conditions and hagling. So long as this does not impose conditions that the JV partners don't agree with then all should be ok. But again its not a done deal just yet.

The fact remains that all these years and dollars pursell put into research and technology programs was for nothing. The JRV system obvioulsy didn't work although we were told many times it was getting there. I believe Pursell felt pressured by mounting attacks on his rein and probably signed a deal which is good for the company in that it should see production in near term but JRV has lost a lot of control and profit with this deal.

Have i read this correctly in that shareholders will lose 19.9% of their shares straight up? they will be taken back and given to the JV partners? thats the way it reads but clarification is needed as to wether there will actually be another issue of shares equal to 19.9% and these given to them?

I can't see JRV funding into the JV agreement and thus i think the best you'll get is 20% share in the prize and this shared between 2 billion shareholders.

We should also seek clarification on the line "then total issued capital". Does this include the 50million unlisted options? or are they seperate. ie. can option holders such as Pursell excersise after the agreement date and up their stake or are these options accounted for in the "then total issued capital".

Hey for a 2 cent company it aint bad and you can't argue.. that is providing this gets up and running full steam. I dare say it will but also think timelines will be strectched a little, theres sure to be hiccups but atleast shareholders now have some figures and a plan.

I'll hold off a little before buying back in as i think this may drop back a little yet.