Ann: Ceasing to be a substantial holder, page-24

"WIth ESS, nothing is going to happen till the outcome of the Foriegn Investment Board and Jim"

Is this correct?? as I haven't seen anything about FIRB mentioned in an ESS announcement.

And I would imagine, this would not go to FIRB until shareholders vote on the scheme and there is a final acceptance of any bids and valuation.

Hence I would think FIRB is the last step and we should see either an alternative bid well before that, or (almost definitely) a higher bid by IGO.

IGO / Tianqi will not achieve 75% at 50 cents so they will need to stump up if they wish to appease holders and get over the line.