44m shares + 10m options exercisable at 25c in rum Jungle to...

44m shares + 10m options exercisable at 25c in rum Jungle to WAS. Exempt shareholders 12m shares at 12.5c.

Sounds like float will happen at 25c par with seed investors getting 50% discount.

This values WAS holding at $12m assuming listing at par value. Current capitalisation of WAS = $23m.

Should be a bit of upside leading into the float. WAS shareholders will probably get priority which should also push up WAS to entitlement date.

von.