Ann: Flight Centre Invests In BYOjet Group, page-34

If all that's true, then why are we selling BYOJet/Jetmax?

The higher the price we receive for BYOJet/Jetmax, the more I will be wishing we still owned the business.

That is, if BYOJet/Jetmax doesn't perform over the next two years, Flight Centre will acquire it for next to nothing. If it does perform, Flight Centre will be getting a fantastic business dirt cheap.

Seems to me this deal is entirely in Flight Centre's favour. Essentially they have a call option over BYOJet/Jetmax. They've acquired our blue sky.