Short Term Trading Week Starting: 15 Jan, page-317

Hi Joe,

Ye I did see that when I was researching all of the various companies % ownership. However its not as simple as Farvic just saying "I want to buy the other 21% now that its all a go". They have to fund the purchase of the shares with funds received from dividends from Hawkmoth and as per the below no dividends will be paid until all loans are paid back. So depending on the terms of the loan for development and construction with Sinomine it will be years and years before they are paying out any dividends. Also to note is that the price has to be market price of the shares or 5xEBITDA whichever is higher.

So really all it gives them is first rights to acquire an additional 21% for market value or above some time in the distant future. I very much doubt whether anyone in the STT will be involved in it then.

Also they have to buy the 21% so essentially any PSC holders would benefit from the added funds and may even receive a special divi (def not my area of expertise though.)

Cheers