Can you provide a summary as it is a subscription site?

equity give away for 7.5m + 20-30m expected in IPO - depending on price at IPO equity give away could be only 10% - cash flows thru Paradise to parent co LDGI. All good news.

Now someone tell Slager that he's sold enough and we should FINALLY see a rise in the SP.

not US.

This first step has involved a transfer of all Legend’s phosphate assets into a 100% owned subsidiary of Legend and funding via a A$7.5 million convertible note facility (“Convertible Note Agreement”) which has been injected into the subsidiary through , Acorn Capital Ltd (“Acorn”),

Pretty simple - when Paradise makes $, LGDI makes $. If they get to IPO stage, they are going to have the capability to lift phosphate out of the ground and ship it. Cash flow begins, 60-70% of the profits go to the parent co - LGDI, 30-40% stay with Paradise.

Unless we see something different in the 8-k that they are due to file.

What this did was trade 30-40% equity for a 7.5 million loan. In the end, Gutnick & Co. will be major shareholders of both LGDI and Paradise - winning on both ends.

For US investors in LGDI - still good news - just missing out on 30-40% of the pie. So if you invest today at .11 - and Slager finally stops *#@$@ selling, then you are still making out very well...assuming there is actual phosphate in them there hills.

So Acorn takes $7.5m and converts those into shares at IPO. For sake of round numbers - say the IPO goes off at $1 / share. You make $ on the run-up to the IPO and then get 60-70% of Paradise in perpituity as long as Gutnick doesn't sell it off.

So - those of us that have held for 3+ years may not be real excited about giving up some equity, but it sure beats going to zero.

This thing is in the hands of Slager until he is done liquidating.