Ann: Scheme Update - FIRB approval, page-6

Dan, the SID details an end date of six months from the date of the SID for the scheme to be effective. SID dated 6 March 2020 so End Date is 6 September 2020. Of course the parties can agree to extend if both are happy to do so.

My pick on what happens:

1. Both the Bidder and WestOz refuse to budge so the scheme is called off between 29 July (last date to change vote) and 31 July (date of scheme meetings);
2. ZEN share price drifts back to 80 cents
3. ZEN releases its annual results for the June 2020 year with EBIT at $31.5m (excluding scheme costs)
4. Apex and Management (without PEP) form a new bid vehicle and sign up a new SID at $1.15 to be effective before the end of calendar 2020.