Ann: Notice of Change of Interests of Substantial Holder and IAF, page-11

BPAA,

Apart from the insto facility OZL has over 25%. Another 5 would be 30%, and as I stated I believe that would represent a considerable deterrent to another bidder. 25% probably already is.

Something around 30% is also often considered to provide effective control over a company. Givem most many shareholdrs don’t vote, not hard to win most votes with 30%.

OZL isn’t there yet, but if there was anyone else out there I think they’d be wanting to show their hand before now, and certainly before OZL get to 30% (excl insto facility).

EL