Ann: Receipt of Request under Section 249D, page-11

Try this for size...

The Japanese holders are outside Australia investors and too polite to do something as tawdry as initiate a 249D so have sought the other Board member to do so given his holdings as they found MM style a little overbearing and negative for their liking. The deal might be they have said to Trahar they will support his returning as the Chair and offer him their vote support and to proceed as if MM never happened.

Makes it easier, more graceful and saves face for them and allows them to acquire QLD in their own time at their own price or even the entire business with cash and tax losses included rather than risk MM & IB pulling a proverbial mystical oversized giant flemish rabbit out of a kids sized top hat.

Something the Japanese equity holders have in their favour is the ability to use transfer pricing to ease the burden of the operation being unprofitable if they do acquire it at some time in the future. No other current corporate shareholder can leverage this.

The Board balance would be changed and depending on what they did in that space could render them with vote control at the Board level as they have an Alternative Director sitting in the wings and they have locked up chair vote support in favour of his return to the chair.

An aggressive play using a mule as the front but in this world it is an effective strategy by the Japanese if they were the driver of this.

If not and it is purely someone's butthurt ego then it is stupid, just plain stupid.