Ann: Change in substantial holding, page-15

It’s a reasonable guess, but imo BHP would be advised to mop up 5% under the radar before revealing themselves, and no need for them to really rush and pay more than they have to.

I suspect BHP would be more interested in simply blocking AF and disabling his plan than in actually fully taking over MCR and having to apply their big company bureaucracy to the intricacies of complex narrow underground seams. So imho more likely to build a sub 20% stake than to make a TO bid.

I’d welcome BHP as a 10 or even 20% shareholder. Better than selling out to AF.

UBS playing their own game imho (and to be working in association with AF would be unlawful), and will sell to who ever offers them the best money.

EL