answers to questions, page-8

Hi PTFE

I think from my discussion with Emerald Partners it is very unlikely that TLW is buying now. That is because, if they have been buying and in fact reached the 5% threshold of disclosure, they would have to report it. The fact that they haven't and given the turnover, suggests to me they are not buying. This would accord with the advisors comment that they have launched this as an SOA because they can then minimise their risk, if they fail. So quite possibly no buying on market at all. Seems amazing, but that's what they said.

I guess it does not mean that they will not up their bid if there is pressure to do so from the ones that do hold. I think that is the game the speculators are playing ie. get sufficient to increase their bargaining power and demand a higher bid to seal it. That would also make sense insofar as I would be surprsied if TLW did not go into this with the expectation of having to up the ante along the way.

regards
DF