Ann: Appendix 3Y (Raphael Geminder), page-19

Thanks WT,

The kicker to your investigation would be that there is now possibly not enough shares being sold on market that Manipur/Username 123 aren't purchasing and that these top funds do not hold a suitable balance to make a difference.

Hopefully the shares being purchased today/yesterday are friendly.
Although the traceability of those sharers would be readily available if RG did manage to obtain them in an underhand fashion.

I think RG's team are now fully aware of whom is going to transfer them shares off market and whom is holding on for a better offer.
Hence the 3 week takeover extension...

It would be quite clear to them now, that acquiring another ~11,000,000 shares is going to be very difficult especially with Manipur/Username123 and other friendly parties likely still acquiring at the <90c mark.

The main item moving forward is, what is the minority holders going to sell to RG for.
As U123 stated, if Manipur get to 6% then with his holding, they are at ~7.3% combined.
Less the larger holders you mention with ~4M shares (~1.2%), leaves smaller holders with ~ 4.6% or approximately 15.8M shares.

Will those holders sell on market in the coming 6 months, assuming the SP rises.
Or will they accept a revised offer of $1.25 in 6 months?

Hopefully Manipur & others continue to buy strongly on market and start to shift the SP >$2.00 in the next 6 months with limited volumes removing the risk of compulsory acquisition. This could/should mean a bigger buyout in 6 months, or we all get to push on as owners with huge dividends in the coming years.

I think manipur would be feeling very hard done by, I didn't realise before the AFR article this week that RG is already screwing them on a $30M performance payout as well.
If I was them, I would just put a big buy order in at $~1.25 and ensure that they are the ones negotiating direct with RG on the FINAL FAIR & REASONABLE takeover price.

Seems win win to me at this point.

WT- out of curiosity, what No of share would it take to be on the top 20 and top 50 list at t he moment??