Actually, I used the wrong example as Pictor is next season. The...

Actually, I used the wrong example as Pictor is next season. The point I was trying to make is that in the event of a discovery, something must change in the Ts and Cs of the agreement that make it more favourable to Arc regardless of actual share price movement. I have not seen a full explanation of the sentence I pasted, but I assume ratio of valuations was probably based on mutually accepted reserves at the time of the agreement.

So, if that is correct, a discovery would improve Arc's share price, but not necessarily improve the value for AZA holders. Or in other words, there would be less dilution for Arc.