Ann: SER Business Review 2011 , page-37

Scott, as I understand things, and I haven't gone back to check, there are two votes that need to pass SER SH's:

1. We need to vote to separate Uley from SER.

2. We need to vote to exchange Uley for 33% equity in Mega provided all conditions are met.

The brief notes we have had from the Term Sheet suggest that there is no way Uley will leave SER without two majority votes and it would appear that SER has a fairly open register so I think we are safe from that perspective.

Last time we did a bit of a casual whip around the total SH here was about 5% and I'd bet with a bit of PR we could more than double that so if we decided to vote as a block we could even have some influence, not that I think it would ever come to that.