Providence Resources - Sequa - Providence have 75m shares that...

Providence have 75m shares that they can issue. Would be agood idea for Providence and Landsdowne to merge i.e. (1:7) i.e. 20m shares to Landsdowne to Give 140m +20m = 160m. Thereafter 55m shares to be issued to Sequa to give a tolat of 215M shares. This would give Sequa a 25.5% holding in the company. If Sequa were to pay 90M in cash to Providence for the shares i.e. 1.63 Euros per share this would leave the company with 70M in cash after having paid back loan to Melody in June. Providence could then use 60M of this to finance appraisal drills on Barryroe and Spainish Point. Good results here would leave us owning 100% of Barryroe (Less 4.5% NPI to San Leaon) plus 58% of Spanish Point, plus Atlantic Licences plus Landsdowne´s licences. This would then be a very valuable takeover target or eels with Sequa on board could seek to advance projects with 3rd party funding and or farm outs