Ann: Change in substantial holding, page-29

Agreed - yes

The buyer or buyers wanted to be in —NOW .
Now , at this level.
With considerable (or compelling enough if investment ) upside to come .

We need very good bag- holders .
It is worthwhile enough for all this way .
Bill is not young. He is in the US and even with a young family I think ?

Down the track the pressure will be on our substantial shareholders and Board and management in takeover approach scenarios.
Hold , ongoing is the ideal , but the journey for Bill Garner began already back over 10 years ago ? He has been terrific .

This does spread the resolve , with % sell of the holdings going into other new significant holders hands —who also want their true value in an ultimate outcome .
And hopefully they Hold through when Funds may start entering above here .

Significant holders want decent investment holdings .
They make decision to hold but want it to be compelling rewards with worthwhile assets and project and company to support .

They prefer or seek opportunities where they can buy- in and be aboard while it is still early.
They don’t want to be the first cab off the rank - they are more likely to buy mid- cap companies already down the track - they also want the evidence to indicate that the project will be wanted by a major entity , and is fundamentally derisked more .
(worthwhile & valuable )