Ann: Agreement with Tribeca for Note Funding of up to $10m, page-11

Plext, I'm unsure on your level of grasp of the English language, so for the avoidance of any doubt I'll re-phrase:

DGR can elect to pay the 2nd interest payment cash free. Tribeca choose more notes (at 20c) OR the higher of options 1, 2 or 3.

I'd suggest WVAP based on historical performance as you suggested, is likely to be the lowest value option of the four.

These deals may be slightly ambiguous to you, but I guess that's why lawyers get paid.

Sorry to sound condescending, but I did highlight in Bold, and I guess like you, I'd like the SP to shoot much higher too.

I'd prefer that other potential buyers of DGR were left with no doubt in their mind that the world's top performing fund manager of 2016 has decided that DGR has (or will have) a par value of 20c by August 2018.

I also like that they have, to an extent formalised an NTA value ratio of 70% which is far above what the market has ascribed to us in the past.

Today is a defining moment in DGR's history. Now onto the speculation of what will play out next...