MC-4945

WhatsApp BK chat, 2026-06-11 07:50 SAST. Blacky (BK) has a catch-up session with Tshepo THIS AFTERNOON and asked Elmar if there's anything to raise. Elmar replied 'let me have a think and send you something' and already drafted two points: 1. SIMPLIFY PREFERENCE SHARE STRUCTURE — they're putting penalties in if we leave, makes it super complicated, trying to tie us down. If incentive + shareholding is substantial and guys see value they'll stay anyway. (Elmar doubts they'll change it but it's the one thing to raise.) 2. LIQUIDITY CONCERN POST-DEAL — all very concerned about liquidity after the deal because they want to take everything out. Cash was how we hedged. Now it'll be gone and bank loans are strict and tie our hands. Understand why (enables them to buy the company) but concerned. Blacky confirmed he'll raise both. ACTION: if Elmar wants to add/refine anything before the afternoon session, do it now — otherwise the two points above are already with Blacky.