Ann: Alternative Proposal from Toho Zinc , page-3

Ok Toho has made it a little more complicated. Placement of 50 million shares is out. Other shareholders have been given a sweetener in that 26.5-28.5% of their shares will be bought by Toho at 25 cents a share. So they are tackling the problem which had been described earlier i.e. they were not giving any cash to existing shareholders. So if you now have 1,000 shares, Toho will buy 265-285 shares off you at 25 cents.

It benefits the company less because the $10 million offer that would come in through the placement will no longer come in. Interests of the company and shareholders are somewhat mis-aligned.

The Nystar takeover is dead. For that matter takeover of CBH by any party other than Toho is dead.