Ann: PrIME receives Xeraya Board conditional appr, page-2

re: Ann: PrIME receives Xeraya Board conditio... Interesting announcement.

As usual, you need to read between the lines.

Here is some selected pieces which, IMHO, say a lot;

"Xeraya via an affiliate company is considering to invest up to SGD15m in Preferred Stocks" - Preferred Stocks? And we were told at the AGM that this was a DONE DEAL. Clearly this was more porky pies.

"While the final valuation of PrIME has yet to be agreed, NuSep shareholders will either directly or indirectly receive at least 50%, subject to final valuations and corresponding changes, of the shareholding in PrIME following the demerger." - does "subject to final valuations" mean we might not end up with 50%? And if Xeraya gets 40% for their S$15m, then the valuation of PrIME is only S$37.5m, far from the $70m we've been sold previously. And Luye's 10% is only worth S$3.75m, not the $6m bullspit number we've bee told, nor the S$6m we owe to them because of the failure of our board/management to secure the necessary funding on time. Unless Xeraya agrees to accept only 25% for their $15m, will the require (yet again) a write down of the equity stake in the accounts?

"As part of this process PrIME is arranging some interim bridging funding." - What's this going to cost? Bridging finance is generally VERY EXPENSIVE and we're already paying 20% for a regular loan with full security over everything, including PrIME. And who will provide this and what will be the cost if Xeraya don't come through?

It seems to me, despite the board changes, the spin cycle remains on HIGH at NuSep.