Ann: Becoming a substantial holder, page-26

Our buyer has shown themselves. Nord or Shandong cannot legally be buying through Nom companies etc, they would risk getting fined and probably bared by FIRB if caught out. Of course, that doesn't mean that funds are not buying/selling to suit Nords purpose with some off the record quid pro quo advice. At this stage both Nord and Shandong only own approx 5% in their own right... GF shares will be delivered to the highest bidder so long as that bidder goes unconditional.

Anyway, Credit Suisse (CS) have been playing around with CDV for a while. Although the simplest explanation is usually the right one, sometimes actions look suspicious enough to raise questions. CS were selling (shorting clearly evidenced by borrowing stock imo) CDV since late Feb imo, around the same time Nord started buying on market. As per below broker data from 20th Feb, CS sold net 1.8M shares between 20 Feb to 13 Mar before the Nord TO was announced. ASX reported short positions started to rise from 24th Feb. We know from today's Sub holder notice that CS stopped net selling 20 March, then bounced around slowly as marginal net buyers until 18th May. No rush to cover their shorts if they were indeed short.





18th to 20th May CS bought 450k at 43c (covering shorts) around the same time Twitter rumours started about DD by a new player. Bought a few more during the GIIF Sprott loan deal and price spike (more short pain), then did nothing until the Shandong offer was made. Big buyers ever since.

If CS are acting with anyone's interest in mind it would be Nords. Having CS being large sellers/shorters during Feb when Nord was hoovering up 75% of all shares bought prior to launching their informal TO offer was very helpful to Nord. Allowed them to buy without pushing the share price up too, although selling down by other major holders certainly helped their cause. Short selling always smelled a little of games on Nords behalf prior to and immediately after their TO offer.

CS heavy buying since Shandong's offer came in looks a great about face from being negative the stock and sellers to falling back in love with the corporate TO opportunity. The aggressive buying at 62c even after Nord had not countered by day 14 looked very confident when nobody else in the market was buying. Then after confirmation of SG 26M share placement and that no competing offers were received CS remained the only brave soul to stand on the bid everyday and soak up the disappointed. Why was CS so confident when nobody else was? Yesterday proved them prescient, lucky or simply well informed...

Matters nothing at this stage imo. Either Shandong or Nord will end up with a superior offer and control imo, simple as that.