looks like deal will happen, page-2

A glass half full / half empty type of announcement.

Increases the overall chance of the deal going ahead and another milestone reached. Realistically means the original timetable is not going to be achieved as HAL / HTI will take until November to be fully reconstructed.

Notionally values the Agent Plus businesss at $5m (25 million shares @ 20c) which is 1/5th of the Heritage business being rolled in. The 20c per share valuation is probably overstating things as other shareholders in the prospectus placement will get 2 free options per share

In theory RNC ends up with 10% of the new company or distributes as 1 new HTI share for every 5 RNC held ? Adds about 4c a RNC share if they are distributed and are valued at 20c per HTI share