Andrewthe structure of the investment was US$2m at a 20%...

Andrew

• the structure of the investment was US$2m at a 20% discount to the then spot price (which for memory was about 14c). The investor then had an option on first right of refusal to put in a further US$8m on similar terms or they could match any other offer we received. We wanted to do it this way as it worked for both sides. They got a good position without going ‘all in’ straight off the bat and we got the opportunity for the share price to rise on the news of a corner stone investor so later tranches would be a a higher price and this cause less dilution. We never got to the documentation phase as the indicative offer was leaked to the asx, but when I finally got them back after about 28months of careful work the terms were about the same and we were about half way through dd when I got fired so I reckon that the structure would have survived dd and is roughly what kfe would have ended up achieving. They also would have had a Ned on the board - the ceo of the investor company, a big hitter in Nigeria but not a pep.
  

this route is no longer open to kfe.

tim has always had good ideas for finance but you should ask him as I will likely not get them 100% right.