presentation at amec perth, page-35

Paddle

Think you need to re-read the report.

It doesn't say that IRL is part of TTY at all. TTY holds 12% of IRL and is therefore leveraged to copy through that minority holding. There is no mention of a majority or controlling interest or any implication of that on my reading, though there is clearly the implication of a close relationship. Nothing in that report changes the feel that I have been picking up of late.

While I do not expect anything to happen this year on the TTY/ IRL front, other than a gradual increasing of TTY's stake to maybe 19.9%, it nevertheless is not impossible that TTY could make a move. Things can change, but at the moment my view is that this is unlikely.

What do you make of the question I raised the other day about needing further info on HCL credit terms to help calculate HCL Cu buy price? You got any thoughts GH/ Davo/ MM/ Hip Hop?

Hope this helps.

BUSH