Ann: Notice of Change of Interests of Substantial Holder and IAF, page-9

Only need a quarter of the outstanding. Many of those simply wont stomach holding to see them fall flat back to 8 cents. But why would they rush while there’s still a glimmer that a competitor might come along. OZL doesn’t much more before any one thinking of bidding would be deferred by OZL’s large block. Another 5 will about kill that imho.

I am fairly agnostic as to whether it is good or bad for OZL, but gut feel for several reasons is they are overpaying. Therefore probably happier to see them just scrape past 51.

EL