Ann: FIRB APPROVAL RECEIVED FOR MITSUI ACQUISITION, page-8

VS,

This is from the announcement on 2 Aug:

The purchase price for the Transaction payable upon completion is US$380 million, and will be reduced
by any dividends paid to Mitsui by SMC prior to completion. The Company anticipates that SMC will
shortly declare and pay a significant dividend to its shareholders (Dampier Coal and Mitsui). If paid prior
to completion of the Transaction, such a dividend would reduce the purchase price for the Transaction
payable to Mitsui. No other completion adjustments are contemplated by the Transaction.

Any profit that is made from the 2nd of Aug by the "JV" accrues to SMR. The important words are "no other completion adjustments are contemplated by the Transaction".

Hope the above helps.

HMN - 20% of the profits since 1 Aug is probably circa $50m. Assume a dividend from the JV has been paid of $400m meaning that the "actual" or net consideration paid by SMR would be $250m ($380 - 20% of $400m - $50m). If anywhere near these ball park figures then looks like a good Acquistion.

Will be very interested to see the completion accounts.

Best BSP

DYOR, NFA, GLTAH etc.