I was just reading the Carmax announcement of the closing of the first tranche.

It seems that the second tranche is a non-brokered block of 4,000,000 shares that Copper Fox will be able to exercise direction and control over, unless I'm reading this incorrectly. It's strangely worded. Also, we're buying the shares of Carmax under a numbered company instead of Desert Fox--unless that is the company number of DF.

I wonder if EE is buying the second tranche? It says the second tranche is being sold to "other unrelated subscribers." Do they mean unrelated to Carmax?

By virtue of the placement and the anticipated closing of the second tranche of the placement, Copper Fox will own indirectly and exercise direction and control of 38.82 per cent of the issued and outstanding shares of Carmax following the closing of the four-million-unit second-tranche non-brokered portion of the placement.