Ann: Ceasing to be a substantial holder, page-5

Good question. Not my area of expertise but my sense is that Zenith won’t have to pay the break fee as it was Elemental who couldn’t complete the scheme as a result of Apex’s blocking position.

I guess if that’s wrong then that will all be taken into account in any new conversation with Apex. I guess as long as the deal is sweet enough for everyone the break fee if applicable maybe quite inconsequential.