Greenheart has issued "a mandatory general cash offer" by the NewCo to buy public shares, debt and options.

It proposes to spend USD$ 7.3 million to buy convertible notes with a USD$25 million face value.  This is a 0.29 on the dollar of face.  I believe without looking it up these are GEMS (Simon Murray) and Bank of Japan investment.

It proposes to buy-back the 284 Million public shares at HKD 0.58/share.  This is USD $ 21.4 million to buy out the public float.   The option cost is negligible (less than 150,000 USD).

In short, NewCo is taking  Greenheart private for a $28.7M outlay.   **However**, remember Greenheart secured a $30M capital loan by the Bank of New Zealand  on Dec. 20th.   This means on a cash basis the take-over is leveraged 100% to the bank.  Greenheart funded its own takeover with a BNZ bank loan.

I believe the transaction will close before the annual reporting date, so no further audited accounts of this venture will appear.