Ann: Pantoro Secures 100% Ownership of Nicolsons,BNR-PNR.AX, page-36

MAT saw the potential in the Halls Creek project a long time ago ... They will "inherit" a lot of "free" shares in PNR when the deal is finalised via their holding in BNR while at the same time retaining their BNR shares in a shell company which has a substantial amount of cash in the bank to invest in future projects.

Basically if the Halls Creek project continues to increase, PNR will do well, BNR holders will do well with their current PNR in specie distribution ... and MAT holders will similarly benefit from their large BNR holding ("free" PNR shares) .... an unusual win win situation!