Ann: Barminco Acquisition & Equity Raising Investor Presentation, page-11

As a shareholder of ASL I have aken the time to read all the info of the proposed takeover by ASL. First let me start with the remark that I am happy with the FY18 figures and the expectation for FY19. Especially the dividend was the cream on the cake.
then to the proposed takeover: the provided info on that is very good. It has been a while since I was given, at the first possible occasion ic this morning, so much and detailed info. The rationale behind the deal is simple and trustworthy namely bigger scale (cost efficient), and scale matters, and a better portfolio of product and regions. ASL is doing exactly what investors expect from a healthy company: to make future growth and profit more sustainable in a competetive environment. Management is smart enough that they want a flexible and healthy balancesheet. Therefore they pay the bulk of the transaction in ex-dividend shares and they also bring down the leverage by an additional 250 mln equityraising. Not particulary fond of this one but from ASL-side I can understand why they are doing this (you only have to remember a few years back which forced ASL to bring down their leverage). So they are pro-active now (I like that). Taking in consideration this all the show in the pro-forma figures that it will still be beneficial to shareholders. I also like the fact that the companies already are working together for some years now in the African business. This limits the risk of two companies becoming one. finally I think that ASL pays a fair price for their African partner. Not something with a huge bonus. I do understand that such a big transaction will cost ASL some time to consume but this is exactly what a well managed company should do: built a proper scale for future growth in turnover and profit and preferably with a partner they already know. For us shareholder: we have to decide if we will participate in the new equity offering at 1,47 A$. I think it is attractive for the coming years. For the next 2 months: everything will have to settle down and then the new combination will have to show their force to us. I have faith in it.