Ann: DVP: DVP & ESS Transformational Transaction, page-26

It all depends on DVPs share price. If the scheme goes ahead ESS shares get converted to DVP shares at 6.18 to 1. It’s a shame they announced a capital raise at the same time. This will prob drop the share price a bit towards 3.20 ( value of 52c / share ), but it’s mostly underwritten and there isn’t much available to shareholders - 1:29 pro rata so I would have thought it wouldn’t go down all the way to 3.20. Looks like a floor value of 52c / share for ESS in 4 months to me assuming no increase in offer and no other bidders. GLTAHs