Ann: DVP: DVP & ESS Transformational Transaction, page-63

Interestingly, Min’s willingness to accept this deal “unless there’s a higher offer “ may encourage other bidders to try. The possibility of a bidding war with Min whilst they owned 19.5% may have deterred some bidders. Now they are suggesting they are willing to sell at a price that’s not that high. Yes, they would retain some ownership with the current deal, around 13% , but they already had 19.5% so I don’t buy the argument that “this is Min’s bid”. Could it be that Min is the majority backer in the “institutional placement” and actually ends up at close to 19% regardless? GLTAHs