Ann: Change in substantial holding, page-18

Exactly!

The reality is the two companies have a similar structure in the top 20. If there was a nefarious plot by Burwill and Weier to takeover Bald Hill, they would be keeping the two separate. Weier would grab Tawana and Burwill would grab Alliance and that would be that.

Divide and conquer.

With the merger it makes it harder for either of them to grab 50% of the project. They have to vote together and act together to have the same voting power as they each has over the separate entities.