new proxy forms, page-7

re: new proxy forms pacey Pacey,

Remember the 2nd condition that must also be satisfied is that 50% of individual shareholders voting must also approve the scheme. So while consolidation may have given institutions control of enough shares to achieve the 75% of shares voted criteria, the HDR board may still be concerned about the requirement to get a simple majority of the shareholders who vote to also vote Yes.

Unlike the 75% requirement the consolidation process will be working against the 50% requirement as a lot of holders who would have voted yes have already sold and consolidated many yes votes to a few instititutional yes votes. This leaves only those HDR shareholder who want TLW script and those who want HDR to continue in its present form with a new board, and that may be a close vote. Another factor in the 50% majority vote is that people with only a limited no of shares may be prepared to take the risk of snubbing TLW while larger stakeholders may not, but they each only get 1 vote.

If this was not the case then there would be no reason to suspect Acamas of working for TLW as the result would be largely out of HC members hands.