If the underwriter has to pick up 20m rights, the three large Chinese holders plus the underwriter will have 49% control of the company by 31/12/13.
Combined holdings of OW,SA and Sino (per prospectus): 68.0m
Rights issue (1/3 of above after exercising options ) 22.8m
Underwriter (after exercising options: 40.0
Sino additional shares: 6.4
Total 137.2
Total shares on issue 205+68+6 =279m
% held = 49%
Pls correct me if I have I have not got it right.
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