Ann: Scheme Implementation Update - 2nd Court Hearing Adjournment, page-19

Campes & Stu, you guys are right of course in a technical and legal sense. And theoretically there may be a possibility that Yum Brands doesn’t own DTS in a few weeks. Although it would have to be because Yum wanted to not own DTS and could see a technicality not to proceed with the DTS acquisition.

From a practical perspective, investment perspective, and economic purposes, Yum “owns” DTS already. Should say a 30c offer appear this week (I rate it next to no chance), Yum could in theory complete the settlement of DTS at 23.5c, and then sell next month at 30c.

For current YTM shareholders, we will only get 23.5c. And any value above 23.5c would accrue to Yum.

An analogy (although there are major differences of course), would be if a shareholder sells YFZ for 51c on July 13^th. On July 15^th, he would settle his sale for 51c by receiving 51c, even though on July 14^th there was a takeover announced for 93c. The buyer would benefit from the 93c takeover on July 14^th, even though he did not legally or technically own the shares until July 15^th.

If I am wrong, then at least I will get the benefitof a higher offer. And in this case, I would prefer to be wrong, as I own a large stake!