This gets the overhang monkey off Vimy's back, with a credible...

This gets the overhang monkey off Vimy's back, with a credible fund with a strong track record taking the slack. So well done to the team. The discount may seem generous but Paradice did the same with PDN and BMN from memory. It's just one of the benefits of being a big, liquid fund with a lot of power, negotiating with a motivated seller. Taking that much stock in a fairly illiquid junior like VMY is also locking yourself in for a longer haul, so fair that Paradice want a safety net in exchange for wearing the systemic and company risk over the next 12-18 months. They would also have factored in the dilution of the next funding round. Personally, will wait to see what they get it away at and who the LM is.