Announcement Forecasts

Realistically, there are only 2 scenarios that warrant announcements:

1. Antares has refused to agree to the extension and the deal has been cancelled. ASX removes suspension.
2. Antares has agreed to the extension.

I think we can rule out 1 because:

• It has been almost a week - surely if AZZ was not going to agree to the extension they would have said no straightaway
• AZZ needs cash (i.e. deal settlement) by 31 March 2016. It must do whatever it can to make this deal stick
• Vicky said there was a 50% chance of relisting, (if deal is cancelled ASX would let it resume trading without any further conditions)

So it is quite likely the announcement will be that AZZ has agreed to the extension. The questions that will be hopefully answered are:

• What is the name of the purchaser
• What are the amended transaction terms (most importantly price)
• Has a deposit been paid (surely if purchase price is reduced, a deposit was demanded)
• Has a DEADLINE been set for the closing of the deal (including 28 days for shareholder approval)
• Meeting date for SH approval

Best case: No amendments to purchase price, deposit paid and deadline for shareholder approval and deal completion set in stone.
Likely case: Purchase price amended to the $100M-$200M range, with deadline for shareholder approval and deal completion set in stone.
Worst case: Purchase price less than $100M or deal cancellation.