Ann: Quarterly Activities Report & Cashflow, page-7

Hi Rizzla
I am not sure that I come away with the same interpretation of the IES situation as you. It has always been my understanding that if CMT were to sell all or part of their interest then IES clawback would be triggered either in full or part depending on the nature of the transaction. The paragraph you quoted refers to commercialisation of Cotts direct interest in the liscence. To my mind you cant "commercialise" just 40% of the asset so this would imply to me that a sale of Cott's interest would be defined as a commercialisation event.
Any thoughts ?