fosters report, page-9

Phogg,

Like the idea of the sale of AKI being tied up with Exxaro taking a cornerstone investment in Marampa. If $500M is the stated valuation, then 75% float would look at raising $375M. For a 20% holding, that would mean $100M for Exxaro which would leave $275M to be raised in the IPO.

Article in the Australian by Criterion does say that few are convinced that the sale will get away, so obviously a cornerstone investor would greatly assist in a successful raising.

TS is confident that the sale will attract a min of $500M but we do need to get the show on the road whilst the markets are behaving themselves.