Has anyone looked at the details regarding the proposed early settlement of the Alert Steel North West acquisition price? If so, do you think the deal is in the best interests of shareholders other than Capital Africa Steel and the JC Family Trust (i.e "the sellers")? Per my understanding, currently the amount owing to "the sellers" is to be settled by issuing to Capital Africa Steel (CAS) such number of shares in Alert as have an aggregate subscription price equal to all amounts outstanding to CAS (the "price" used to determine the number of shares to be issued to CAS is calculated by dividing the NAV of Alert by the number of issued ordinary shares in Alert, limited to a minimum of 3.3cps). Clearly, if this "price" is determined now, when Alert's NAV is low, CAS gets more shares and thus a larger percentage holding of the company. If the conversion happens at September 2014 (i.e. latest possible conversion date and end of turnaround period) when theoretically the turnaround strategy has been successful and NAV has increased, CAS would get fewer shares. Or is my logic flawed?