"And we become another one of MAB's spin-off companies"

You may not be that far off the mark (or Marc for that matter) as MAB did float out the question of "how would the shareholders like to have the same number of shares in Falcon Australia as they do now in Falcon"? The discussion quickly moved on to other matters, but my take on this was the possibility of another spin off with the current Falcon owning Mako and the new Falcon Australia owning the Beetaloo (and maybe the Karoo?)? Investors would initially own an equal number of shares in both, but this would separate the Mako trough and it's current problems from the Beetaloo and possibly put the Mako in a very difficult position if the funding arranged for Australia has to stay there. Regards Paul