Agree.  No guarantee that PHES money will be paid to SH.  May be...

Agree.  No guarantee that PHES money will be paid to SH.  May be frittered away on other ‘potential’ income generators, further exploration without commercial returns etc. Delays to mining and semi closure of mine in mid 2019, and lots of exploration costs and no return over next 2-3 years.  

Luckily, I think that large SH who bought in  and supported the company earlier at much cheaper SP (3cps etc) are on the Board and want a return for their investment, risk, and support, and will hopefully try and ensure that SH get a decent return.  The question then remains as to what is decent.  On a 3cps investment a return of 9cps and company closure is not bad over 3 years, but not as good maybe as hoped.  But for 9cps and risk, a 8-9cps return is not so good.