Ann: Improved terms of proposal, page-36

The Mosman T/O offer refers to Mosman and ASSOCIATES must obtain 90% of shares. ASSOCIATES is a bit vague.... red herring....

The T/O will fail as Mosman will never get the 90% of shares required (at the current offer) hence the Board can recommend all it wants but, in this case, the Board has no direct influence on the outcome - it is not as if they own even 1% of the company themselves...

Can we expect yet another offer by MOG who are desperate for cash? Yes, IMHO.

Adl