Ann: AusNiCo Secures a 19.99% Relevant Interest i, page-6

re: Ann: ANW: AusNiCo Secures a 19.99% Releva... Can we agree on the basic framework of facts here.
Taronga has 57.6mill shrs of which YTC owned 23.7% or 13.65mill.
ANW has 144mill shrs on issue and have to issue 288mill to pay for all Taronga shares which adds up to 432mill ANW - of which 68.25mill will eventually represent the full YTC stake. So YTC will have 15.79% of the future ANW.
In addition to the 432mill ANW they have to issue 65.5mill 4c 2015 options(optimistically priced) to buyout the 13.1mill Taronga options.
Are they the basic facts ?

ANW is a thinly traded stock - their cash is only a ~$mill - we can only hope they have some viable plans to translate any latent value in Taronga into the ANW share price. Hard not to see a CR looming in first half 2013.

Can anybody comment on the exact implications of YTC selling ANW 19.99% through the pre-bid agreement, instead of their full 23.7%. I realize going over 20% triggers some takeover provisions - but surely that will happen soon enough anyway. Just not sure of the tactical reason for that - presumably avoiding some disadvantage for ANW.