From what I have been told (and no doubt always subject to change) is that IGS will purchase 85% of Winter Gardens at a certain price. Some 1.5b shares to be offered as consideration. Refer past announcements.
With such a large holding in IGS and WG directors being so prominent in operating the venture, one may conclude that they will hold a number of directorships in IGS.
My understanding is that IGS will also change its name to WG in order to reflect its new direction.
As for directors lining their pockets..... just show me one ASX company where directors are not being renumerated with salary, superannuation and shares/options? With Jane Flegg retained as Coy Sec, I anticipate that OKAP will provide IGS/WG management and accounting services at a cost. Nothing unusual as someone needs to provide this service.
Until an announcement is released I ( like others) have no idea how many current Board members will be retained and how many new ones from WG will be appointed.
I am very happy that you are taking a keen interest in IGS's new direction. Maybe you will become a shareholder????? I am sure KIWI is also considering purchasing shares.
It appears that there is another delay in funding being injected. However I am SPECULATING ( no facts) that Oct may see a new beginning.
IGS Price at posting:
0.3¢ Sentiment: None Disclosure: Held
