Ann: Dispatch of Scheme Booklet, page-7

Yes I comprehend all of this, but with STX at its current price and TMK at its current price I do not believe we are getting value for our assets. This of course may change.

But if it changes after the deals go through then that is profit as a result of risk in holding TMK and STX going forward. It is not profit as a result of sale of TPD shares.

My reasoning here is regardless of STX acquiring TPD I could if I wanted buy more STX shares today at today share price.

Just my view.