Ann: Bidder's Statement despatched to Brockma, page-15

re: Ann: Bidder's Statement despatched to... BRM total shares = 315m / 2.05 = 153,658,536 (144,803,151 indicated in offer doc - "Shareholders" typo?)

WNI total shares = 375m / 0.07 = 5,357,142,857 (+ more, placement, conv. bonds... ?)*

Lets say 1 solitary holder held the 45 % remaining BRM.

Lets say they agree to offer.

They currently have a 45 % interest in BRM, that's 0.45 x 144,803,151 = 65,161,417 shares.

(@ $3.00 = $195m, @ $4.00 = $260m, @ $5.00 = $326m)

After agreeing they will have

65,161,417 x 18 = 1,172,905,506 WNI shares

This represents 22 % (or 18.5 % *) of 'the new BRM' (WNI) i.e. they're more than halving their interest.

They were given $1.50 for each share, that represents $98m.

* $74m AUD @ 0.076 = 973,000,000 new WNI shares


They can do better!