Ann: Proposal from Wesfarmers, page-429

From Marcus Padley

• Kidman Resources (KDR) is no longer a slam dunk for Wesfarmers (WES) as the company looks to be pushing back a little on the 190c bid. WES does hold 17.26% of KDR though but some shareholder push back is happening and agitating for a higher offer. The deal requires 75% shareholder approval. It also looks like Lynas (LYC) is set to slip through WES’s fingers as the board is fighting hard to ward off its suitor. However it is possible that a Japanese JV partner Sojitz may be interested.