Movement at the station.........., page-40

Re ionic and clean tec and Townsville....

How much does ser own of the JV with clq?

Hmmm

Ser owns 15% of ionic
Ionic owns 25% of jv with clq

So, ser owns 15% x 25% = 3.75% direct interest.

So if you wanted exposure why would you not buy CLQ and get 75% direct exposure?

Nothing in the Townsville announcement indicates Ionic involvement. Clq are just adding their recycling component to an already existing plant. Eg... expansion of the Townsville council plant. And they may need approval of Townsville council to use ionic technology at its plant as its technology still untested and in the eyes of a local body, a potential risk if something goes wrong. Imho