Ann: Becoming a substantial holder from MIN, page-68

Hi Mal, schemes of arrangements are “friendly” takeover mechanisms, ie they require Directors support. So no their hands weren’t tied, they supported the scheme and unless something material changes then one would expect them to continue to support it. Of course if they just at random change their minds then the break fee would assist TLEA recover some of their costs.

But as I said in an earlier post some will be happy the Directors put the offer to shareholders, others won’t. I am happy they did as I believe we would currently be trading in the mid 30s without any offer, so a significant difference in value, but each to their own and at the end of the day it’s the shareholders who get the final say, which some will appreciate and others will complain about I guess.