Ann: ANS: Proposed $100m Placement & Strategic Investment in Sund, page-236

Dear Wot,

The deal between ANS and SDL/noteholders is not an issue. This is a good deal which is far better than previous one between SDL and noteholders and Tidfore. The only concern is the deal between ANS and WAPRC in which WAPR will acquire 61 per cent of ANS through capital raising at discounted price of 0.013 rather than via the 20 per cent Take Over Bid.

There is possibility that WAPRC may directly take over 51 per cent of SDL without going through ANS unless the ASX and ASIC are happy with the deals between ANS and WAPRC. Let us wait and hope the ASX and ASIC can make quick decision within days regarding the corporate transaction (exchange of control) between ANS and WAPRC.