""they've pulled off an amazing feat"", page-9

Hi Sandy,

That share subscription deal at 25 cents is redundant now, is it not?

The way I see it, AQO have achieved slightly better terms through NSE buying at equivalent of 27 cents. the tradeoff is that we have to wait around for NSE deal to go through and then hope that the full amount of funding from NSE for PEL 570 is actually forthcoming given all the other expenditure that NSE has in the US.

If anything, this new deal makes it hard to takeover AQO, because you'd need to takeover NSE first (or at the same time). However, if Outback/Hunter had a big chunk of stock (either from a share issue, or by a pre-existing agreement to buy Smorgon's stock...via historical connections with Fowler) that would change the equation significantly.

Hence, the question: why are you quoting the original deal where 25 cent shares were issued?

Thanks