Ann: Change in substantial holding from MIN, page-79

Yes, but again....as long as the offer is extended...a good drill result means sweet FA to NWE SP given we are still coupled to MIN....the impact to NWE SP will only be in line with the impact to MIN SP, which you have correctly noted would not be as significant to NWE (assuming no T/O was in place.)

That is my whole point....which I think you've failed to apprehend....while the T/O remains in play, which could be for a full 12 months, we are not going to move past the 1:1300 conversion.

Or am I missing something?