Ann: 2025 Half-Year Results Release, page-13

Excellent work Jeremy

It just reinforces how disgraceful the Kroll report was, and the deplorable capitulation by the so-called independent directors. They should all hang their heads in shame.

I fully support your comments that RG would be better to get on with this soon. The difference now is that his negative spin on commentary and figures will have minimal effect on his audience. Unlike the bid for the 50% minority, he is now facing opposition from some very smart and wealthy people. Out of the 12% minority, at least 9% is held by smart, capable businessmen and investors with decades of financial expense. The remaining 3% are probably bright too, as they rejected the bid. He is kidding himself if he thinks the previous strategy of bullying, bluster and dishonesty will have more than minimal effect on this 3 %. Even if all 3% is dumb money who are merely opportunists, and I don’t think that’s true, what matters is that the 9%+smart money is more than enough to kill either of the 2 ways to achieve compulsory acquisition.

RG is astute and ruthless, but he must realise now that he has met his match. Far better to be mature about this and negotiate graciously, treat the opponents with respect and wrap it up. He has got 88% for a bargain. RG’s weighted average cost will not change hugely in the grand scheme if he faces reality and pays a fair price for the last 12%