Ann: Ceasing to be a substantial holder, page-4

As i understand it, the process to move the current board aside does not require the substantial holders notice, it is a separate process.

The substantial group was formed to try engage with the board, but that resulted in nil.

In light of that, move onto option B and force them out (which is the 249 process of last week). This 249 process only requires 5%+ so the full extent of the larger substantial holders group is not necessary.

In addition, holders belonging to the substantial group are now free to talk to anyone and everyone (i.e. other large holders) and try to get the whole register thinking the same, without being treated as an even larger group that breaches the 20% takeovers rules.