Ann: Becoming a substantial holder from OEQ,OEQ-KBC.AX, page-6

You got it in one Nicleeson. For Gareth's knowledge, BEL is effectively controlled by OEQ which is controlled by QUE who is controlled by the Khan/Chaudhri "family". Google could be your friend if you are researching this investment.

Interesting and Uncertainty is one way to put it. The WAM deal is a near copy of what they put to CYA so I think Wilson just wants the ASX shell and the accumulated tax losses. What does Khan want ? perhaps an arbitrage opportunity but most likely, to control the money ! I think Khan would be working on Wilson walking away as he did with CYA or having a blocking vote to not allow the restructure. Time will tell but that's my opinion.

Certainly an interesting group of shareholders and I wish the best to the Board in navigating there way through this.