Ann: Scheme Booklet registered with ASIC, page-18

SLR merging with RED doesn't really work, there are no operational synergies as the mines are too far apart. For SLR to be valued at a fair and resonable ratio would require RED shareholders to vote on the scheme as SLR would be valued at higher than 50% equity and be the acquirer in an alternative scheme of arrangement. This would allow the likes of GMD to purchase RED shares and be a deal blocker, something that LT is avoiding by valuing SLR less than RED. GMD has no interest in aquiring SLR shares but cetainly does for RED. This scheme is either successful as it is or there is no wedding between RED/SLR.

SLR does not need this merger, for some reason LT is hell bent on it and has failed to make a coherent economic story to get informed savvy shareholders to support it. I am looking forward to the next few weeks as large holders will be assessing the merits of the scheme and may start asking questions like WTFIGO?