Ann: Change in substantial holding , page-15

I suppose Xstrata could accumulate on market, BUT one would expect that such dealings would show up in the daily substantial shareholder notices.

Looking at that today- the total accumulation by Sidero / Xstrata (acceptances plus hypothetical on market) is just 2.4 million shares (ON TOP OF our directors promise of 9.34 million shares) a total of UNDER 7%. A long way short of 90%!

Meanwhile nearly 10 million shares have traded on market ABOVE $2.50 since the bid.....

Best scenario- Sidero / Xstrata falls WAY short of 90% and has to sweeten the bid, or someone else comes in.

Worst case- Sidero / Xstrata gets a fairly good late rush of acceptances but falls short of 90%, but declares the bid unconditional ANYWAY, and the price drops backs into the $1s.

We'll see!!!!