pre open.........., page-43

Smart Investor, Read the Annoucement....

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Restructuring of final payment due to Scarborough vendors
Valad has an obligation to pay the vendors of Scarborough (including Kevin McCabe, a director of Valad) approximately £37million (circa A$78 million) in September 2009. In order to demonstrate their support of Valad, the vendors have submitted a proposal to Valad to restructure these arrangements thereby and reducing the cash commitment payable this year by some £30 million (circa A$67 million).

The proposal involves the issuance of equity at a price to be agreed, such that the vendors will increase their holding in Valad to 19.9%. The remainder of the payment will be deferred by three years to September 2012 and will bear interest at a rate to be agreed.

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It says "Price to be agreed". They still have to pay them $11M this year.

Some amount of the $67M remainding will be in shares (up to a TOTAL holding of 19.9%). Some REMAINDER will be paid in 3 years time.

We DO NOT KNOW the amounts...

All we know is LESS than $67M for LESS than 20%.