Ann: Changes to Perenti Group Executive Committee, page-15

Thanks for the help. There was $50M cash consideration in the "scheme", so there's $30M of the $80M effectively left over. They're buying back up to 60 million shares (probably at over $1 per share) which will cost over $60M - at the most DDH is contributing less than half of the cash in the buy back - and if you look at PRN's "Free Cash" from FY2023 of $271M I'd probably attribute something under 10% of the buy back to DDH's left over cash.

There are lots of synergies and direct cash benefits from the "scheme" plus there's the unrecognised improvement in underlying performance in Perenti operations that is yet to be recognised by "the market".

I'm of the view that there's positive shareholder returns on the way. I was lucky enough to meet the Chair at a function yesterday evening, we chatted very briefly about the challenges of the last 4 years, and I thanked him for his stewardship - mining contracting is a tough business at every level, IMHO their efforts are commendable and are yielding positive changes in performance.