Ann: Response to announcement regarding takeover bid by Perseus, page-40

Yeah it is weird - everyone gone into radio silence and SVM making no inroads in increasing their substantial holding but lots of emails to ORR shareholders and extensions. PRU also very quiet. ORR board loading up executive remuneration so they know their lifespan is limited. Has all the hallmarks of both predators hoping to bore/outlast and frustrate ORR shareholders and to not overpay for the asset.

There will be some ropeable ORR shareholders if either SVM or PRU can't complete a clean takeover. I would love to know what reassurances PRU management got from the Tanzanian government, and how PRU can even make the call about what is and isn't overpaying for the assets in Tanzania.