They said in that announcement the majority of shares will be...

They said in that announcement the majority of shares will be issued, so it is hard to know what exactly that means. But let's assume they go for maximum, I'd say it works out at about 1 BTV, 1 THR share, and 1/2 a THRO option for every 10 TNG shares. So, at current prices, that's about 4.4c/TNG share. I believe it will be tax free, as some sort of capital reduction, but not 100% sure on that. What sparks my interest is that THR could easily be double the current price very soon. If that happens, this distribution takes on new meaning. It would then be more like 10 to 12c/TNG share. I'm not sure that's being unrealistic. Seems like an excellent deal, and I do not see this devaluing TNG one iota. I think by the time this happens, the Manbarrum project will have been re-valued, and be so significant as to make this stuff seem like small change.