Ann: Emerald Announces Takeover Offer for Bullseye Mining, page-40

"Bullseye, Hong Kong Xinhe International Investment Company Limited (Xinhe) and Au XingaoInvestment Pty Ltd (Au Xingao) and various other parties have reached a final settlement ofthe following matters (Settlement)"

"Following the completion of the Settlement it is anticipated that Xinhe, Au Xingao and theirrelated entities will collectively hold or control a total of 92,281,328 Bullseye Shares (18.20%)."

I think the above two quotes indirectly set an order for events. Although all sides have "reached a settlement", it is only on "completion of the settlement" that the chinese ultimately get the additional 22M shares for them to get a 18.2% holding. And by definition if they hold 18.2%, then none of their shares will have been swapped for EMR script. And for EMR to be in a position to acquire all their shares, the offer must be live.

I would have thought that settlement is only complete when the court cases are all formally finished, but who knows.

If the procedures around winding up all the cases drags on a bit and EMR doesn't feel comfortable issuing the new shares until the cases are wound up, it might require the share offer closing period to be extended.