Ann: Change in substantial holding, page-15

Well, yes, hope so. ESS is certainly in play and waiting for other players to emerge. It's about 4 months from start to finish for the SOA and all decided on a shareholder vote on the last day - with no t/o acceptances being accumulated by the bidder and giving another bidder a free hand.

For ESS holders this is better than a t/o play and still another 2 months or so for another party to emerge - who could do it via t/o instead of a SOA. Odey seem to be amassing a stake that will add some spice as unlikely to exit at a loss.

Given that IGO/T have already included ESS in their RIU preso a good chance they will bid up if another party emerges. Maybe MIN might have a go once they get over half-way with NWE but doesn't matter who.

Have picked up extras in super in case the auction starts.