Ann: Open Letter to All Shareholders , page-5

Trees - Its complicated by the fact that IG has no "standing" in GGP ie Board level. Its just like us shopping around for a housing loan for the kids.

So its difficult for Morgans or an institution to do anything other than "talk".

However that said it is in my view up to IG(2T's) to put its funding case forward and more likely from a private source in my view - they've had ample opportunity to put something together by now.

Their pedigree (2T's) is in finance/management which is diametrically opposite to SG's candidates in O&G - a point which has not gone unnoticed on these threads.

Hence we will see how good they are or SG will a have a field day - ie IG is no alternative but talk and can't deliver and is holding us up finance etc.

So without a credible alternative from IG - SG will have quite a persuasive argument - TODAYS LETTER is to set this alternative in play prior to the EGM.