Ann: Improvements to EganStreet Offer Consideration, page-21

OK - second attempt to spare the feelings of the EGA board whom are obviously very sensitive petals - out in the bush for a few days and just caught up with what happens. Ironically I had just sealed the acceptance envelope, and was about to tootle off to the mailbox and post the SLR acceptance forms when I thought "Maybe I'd better check out the portfolio before I go" and saw the EGA price action today. Importantly this would have been the first time I accepted a takeover offer before the closing date, been through a few TO situations but this one has an important lesson of "don't blink until you see the whites of their eyes."

First of all - a good result and some credit goes to Davisite and other holders whom were taking the wait and see approach, always a good approach in any takeover situation. Although I am also a SLR holder and was agnostic myself about the fairness (or not) of the offer from SLR, in these situations its always good practice not to come into the target shareholders forum and created unnecessary friction and antagonism with the target shareholders, who are only trying to get themselves the best deal that they possibly can, full credit to SLR management for doing the right thing and improving their offer, after all - you can't begrudge the SLR management for trying to look after SLR shareholders interests first.

The only people who have serious questions to answer now are the board and management of EGA - whom declined to negotiate for a better deal, signed restrictive no shop, no talk clauses and didn't see the merit in getting an independent valuation to see if they were looking after the interests of their own shareholders. In my opinion as SLR shareholder and as a EGA shareholder I would be wary of having them near any of my investments in the future after their track record with EGA.

Will be interesting to see how ASIC and/or the ASX or any other regulators like the Takeovers Panel go looking at the non-disclosure of the counterbid, and how that came to the attention of the media. Might prompt some questions into the whole lowball takeover offers with dubious "No shop, no talk" clauses that seem to fly in the face of obligations to shareholders and keep an open and informed market. Unrealistic I know because that would require the regulators to actually do something.