Member Info for Tb37

to clarify - midwestern will swap 60% in the MLPL JV for a incr % of SLE shares - adjusted for the outstanding $98m loan plus acrued interest ( the debt for equity adjustment). The new equity to be issued by SLE to Midwestern will be dilutive to existing shareholders, but we will hopefully end up with a smaller % of a more valuable entity in the end.

don't confuse the two elements of this deal here, Eroton v MLPL. SLE shareholders will be diluted at MLPL level, just not at Eroton level- this is a debt for equity swap deal within MLPL - the question is, by how much and is our %share of SLE worth more pre or post RTO. That will be the crux of ongoing discussions. 'Midwestern currently holds over 10% of San Leon's shares and would end up as the majority owner of the shares if the reverse takeover goes ahead' - from earlier RNS. Hopefully CEO and Tosca can agree a sensible structure to benefit us all incl themselves.....