I don't think tax or anything matters about Liard.

It's basically this.

CUU -> presents FS to Teck

Teck now has the following options to decide on what to do.

1. Back in based on the agreement. ->Liard shares transfer/ spending money to earn back the interest.

2. Buy interest in SC/CUU outside of the back in agreement. 100%/ XX% buyout of CUU/SC.

3. No Interest. Split between SC/CUU.

Since the FS is such a large document, Teck requires time to go through every part of the FS document. Recheck numbers etc. That's why Elmer said they have been there with their senior Teck ppl in discussing and answering all the questions they have.

Since they have yet to say we don't want SC, I don't think #3 is an option anymore. They are interested.

Then they have to decide what is their best way of acquiring SC.

So if this is what Teck is going through, what is the purpose of doing a liard share transfer or anything.