Ann: Revised Nyrstar Proposal , page-24

Thanks Viktor.

It looks like Toho have signalled their intention to block the Nystar proposal by buying shares on the market. Toho now own about 24.1% of CBH and given that they are unlikely to want to sell their shares and notes to Nystar, they are in a very strong position to block the Nystar proposal.

Nystar require at least 75% of shareholders to approve their proposal. If Toho reject this offer, they only need another 0.9% of the shareholders to go along with them (around 1 million shares) for the bid to fail.

To me the Nystar proposal is looking increasingly dead in the water regardless of what the directors recommend. However Toho's transactions will encounter strong resistance given that the Nystar offer trumps their proposals significantly. So while Toho may not be able to push through their proposals, they can spoil the party and prevent the Nystar takeover from proceeding.

If somebody has a background in takeover law, could you please advise whether Toho are required by law to make a takeover offer to the other shareholders of CBH given that they hold over 20% of its issued share capital?