Ann: Framework Agmt for 20% stake in Dubbo Project and Offtake, page-80

This is what I have been alluding to in the past. Your flowchart is the way I'd expect to see the ownership structure. Unfortunately, I don't believe that is the case. If you take the structure, as advised in the demerger doco's, the 20% holding is in ASMH. ASMH owns Dubbo in that coy, plus owns 95% of Zirontech, plus 100% of the pastoral lands. To me, that means the 20% also includes the metals business.... Happy to be proven wrong, and be happier to see how the finalised agreement limit the 20% holding to just Dubbo.

As I said, I haven't seen an updated structure, and hopefully the 95% ownership of Zirontech was moved up to ASM Ltd when it was bought out, which would move it out of this current transaction...



J22