Ann: Change in substantial holding from RSG, page-8

I draw a very similar conclusion, this is a blocking play by RSG. It is not yet the right time for them to make a take over play. OKU needs to produce a JORC resource of scale and RSG needs to be better capitalised to enable a tilt once there is a proven resource. This is going to play out over a longer time horizon than we expect. Having said that RSG sells the mothballed mine as it is under strategic review, then their balance sheet improves. I would expect WAF to be a better buy for RSG which would benefit from unhedged production and long mine life of WAF's asset. Also WAF is not long out of commissioning phase into study state production, so minimal operation risk now. OKU is a longer term play for growth in RSG view point, with that they have time to block others and let time pass. 1% of OKU is not significant capital for RSG.