Ann: Change in substantial holding, page-35

The offer is NOT UNCONDITIONAL. That is why DRX have gone to the TAKEOVER PANEL. The reason DRX have gone to the panel is that there is a STANDSTILL clause and they want the panel to over-rule the standstill clause. DRX breached the STANDSTILL agreement that they signed with MLM which said "WE WILL NOT LAUNCH A TAKEOVER OF MLM FOR TWO YEARS"

In other words DRX stuffed up (or forgot) that they had signed such an agreement. To me that indicates poor management by DRX.

Similarly, DRX MANAGEMENT spent over $10 million dollars of shareholders money on GALALAR, only to find you can't build a ROCK JETTY in the GREAT BARRIER REEF MARINE PARK. In other words DRX MANAGEMENT stuffed up. To me that indicates poor management by DRX.

The message to me and I would suggest also the one being received by MLM shareholders, is that we don't want to be taken over by MANAGEMENT that STUFFS UP.