Ann: CBH Recommends Revised Toho Proposal , page-18

Thank you practicingaccountant, you explained it very well.

Shareholders would be more likely to vote for the Toho offer if the on market share price is at or above the 19.5c offered by Nyrstar.

Additionally, within the current limits of how many shares Toho can buy on market, it costs less for them to buy at a price below the 25.0c they have offered. However, they would not want the price to go much higher than say 20.5c or their offer would not look as attractive.

We can expect Toho to be a buyer and a seller to keep the price in a narrow range leading up to the shareholders meeting in late April. Unless there is another bid??????