That's good info psi. I already considered the IRR of 15% to be...

That's good info psi. I already considered the IRR of 15% to be a large hurdle to overcome and easily manipulated just from a business accounting perspective and now that you highlighted what that it means in terms of technically proving reserves it just increases my suspicions that the CVNs are likely to be worthless.

Whilst we are on the subject of CVNs, when RC mentioned in the meeting last week that he thought this CVN might be the first in Australia that's a load of rubbish. Offering shareholders contingent value deals are nothing new in Australia although the format of the payout can differ the basic intent behind the deal of shareholders sharing in the company's future wealth after the company is sold is nothing new. Have to be wary of what RC says to promote this SOA, he is after all forced by the conditions outlined in the SOA to only cast it in a positive light!