Ann: Proposed issue of securities - NAM, page-8

the northern expansion is happening whether STAM like it or not. A 20% holder has no operational control. Current example is IFM who own 15% odd of Altas Arteria bitching and screaming when Atlas agreed to buy the Chicago Skyway. Despite their complaints the deal is proceeding.

The NAM board would know they are on borrowed time as they don't have a strong support base (instos) on the register. The implied thread for them is STAM vote against next years rem report and then there is a board spill. STAM could then appoint several directors and control the joint.