gir shares out of escrow

Don't know why I came across this
Roy sold some land for $2m cash & 2 lots of 1million shares in GIR - 1 mill escrowed for 6 mths & 1 mill escrowed for 12 mths - settlement date was 22nd Oct 2008

So that means they can cash out at approx $2.5m atm

Am i right - whats mgt position on these shares ?
Could be used for drilling on the U assets ??
Westaussie believes the Roy U assets are very good from previous posts

Does anyone think - Roy will spin out the U assets ??
What would this mean for existing shareholders ? on such a spin out ?

Roy is actually taking shape - surprise surprise !!

DYOR