Ann: Change in substantial holding, page-10

Everything keeps pointing to the 1:1 scrip offer by STX imo. Regal would be in a position having been approached by STX almost certainly about their likely attitude to the higher offer. They would also have been sounded out by alternate bidders. Imo the only reason STX has not offically announced such an offer is to await the independent expert's report attached to the Hancock offer and to see if any challenge to Hancock emerges.

STX has time on their side now after having secured 19.99%. But they will not stand still and allow Hancock to steal the prize of total control of West Erragulla from under their nose. Similarly, if Regal accept such an offer they will be in the box seat to be a kingmaker for the next stage of this when STX is in play. They would then win twice.

All imho only...not advice.

regards
DF