The positive news for holders is that the appointment of the new...

The positive news for holders is that the appointment of the new directors shows clear progress. This flags to me that Suzuki has probably reached an agreement in principle with the broadcaster to secure content rights and now the parties have moved onto the negotiation of the heads of agreement for the acquisition of slimpack. This is supported by the presence of trial content on the test platform. I assume Gilbert and Tobin have been retained by TV2 in the negotiation and the two lawyers have been made directors so that they have the requisite authority to act on behalf of TV2 without the ongoing need to seek instructions from Nick etc. However given the complexity of the cross border deal, and the challenge of ironing of out the commercial terms I still think they are probably still a few months away from finalising the HOA. Following that I would expect another month or so to arrange an EGM to approve the acquisition and inevitable issue of scrip to Suzuki, and potentially a CR. Then the final share sale agreement and settlement period could be another month or so. As mentioned before I think Suzuki will get a significant issue of scrip, and a lump sum payment of cash. He can then chose to liquidate as much of the scrip as he wants into the inevitable pump or hold a slice long term. I think many of you don't realise that the acquisition is just a corporate vehicle to pay Suzuki for being the middle man in the deal with the broadcaster. The structure of the deal alone is already a disadvantage to TV2 as they are essentially paying to acquire a content rights licence when really if they were more competent they could have just done the deal directly with a content provider themselves.