Net Proceeds

So net proceeds will be 4.3 million (although I'm sure they could bump this up a little with write-offs and other deductions), I’m assuming based on the wording the IES payment will be refunded 1.66 million, plus, don’t forget cash on hand at just under 2 million. I think IES is doing this is because for tax reasons. Which makes sense to them.

Hi to everyone, finally some action..

Now assuming the current quarterly spend continues until the end of next year (200k per quarter, 5 quarters including this) although I don’t see why it should continue that high now that things are being wrapped up and wound down, that would mean about 900k in cash left.

So add all this together 4.3+1.66+0.9= 6.86 million. Now divide this by the number of shares on issue (76,984,453- I know this number off by heart) and the net cash value per share is 8.91 cents.

Now if you ask me regardless of anything else, what is done is done, but I would prefer that the board just close up shop and divvy up the money so we can write off our losses and get on with our lives. Finally I think that KINA were crazy to pass up an opportunity to take the Pandora stake at this bargain basement price as along with their current holding would have underpinned their share price longer term.

Anyways, a Merry Christmas to all of you and a Happy New Year!
At least we didn’t lose the shirt of our backs, for those of us that can afford it.