Why would the board feel the need to pay out more than the 100m...

Why would the board feel the need to pay out more than the 100m referred to in the announcement today?

We do not need the votes from IVA to get this through, and their 23% is insufficient to block the sale.

If they want to block the sale, they will have to offer an alternative, and to get the board's approval that alternative would probably need to be in the form of an offer for the shares in the company that it does not already own.

There could be another reason why they want the whole proceeds paid out. That way EXS would not have all the necessary funds to develop the remaining areas, thus making it attractive for IVA to make a cheap bid for the remaining part of EXS.