advice from esg re impending upgrade, page-4

I should say as an addendum to that, that if there is somebody else looking at ESG that person will almost certainly wait until the reserve upgrade to assess its position. It would then likely buy shares up to 5% slowly (non disclosure territory) and try to wrap up as bid a stake (ie from instos) as quickly as possible after it hits 5% (to limit the price it pays for the stock above 5%). Then it turns up to the scheme meeting to vote against the scheme. It might also argue that TRU should not vote at the scheme meeting (given its arrangements with Santos).