Just a good way of management getting their hands on the $1...

Just a good way of management getting their hands on the $1 million the holding company in North America has, no matter what happens with Warro (success/failure/takeover). They will never have the money to drill the Canadian acres themselves. And when the $1 million cash is drawn down - and should Warro be a failure, or sold off - they will be able to sell off parcels of land to keep the salaries flowing in perpetuity.

And ask yourself: why we need such an extensive board for what is essentially a land holding company?

This demerger makes no sense to me whatsoever. A demerged entity will not be any better position to sell the Canadian land to interested parties than the current corporate structure. If Warro is a success, and someone wants to buy it, the Canadian assets can be sold like any other asset in advance.

Vote: no.