The rationale for PT Bayan to pursue the acquisition of the remaining Kangaroo ResourcesShares in which it does not have an interest is to acquire entirely and consolidate KangarooResources existing Indonesian operations with PT Bayan's Indonesian operations.
In its current form, the Freezing Order does notoperate to restrict the implementation of the Scheme.
BCBCS has sought to have the Freezing Order amendedto: (1) prohibit PT Bayan from disposing of its Kangaroo Resources Shares or dealing with, orotherwise diminishing the value of its shareholding in Kangaroo Resources (currently theFreezing Order only requires that PT Bayan give notice to BCBCS before taking any suchstep); and (2) prevent PT Bayan causing, directly or indirectly, any of Kangaroo Resources'assets, its subsidiaries (direct or indirect) or its subsidiaries' assets from being transferred toPT Bayan or any of PT Bayan's related entities with the consequence of diminishing the valueof PT Bayan's shareholding in Kangaroo Resources.
PT Bayan has opposed the variationssought by BCBCS.
PT Bayan does not anticipate that the proceedings in relation to the Freezing Order (irrespective of the outcome) will restrict or affect implementation of the Scheme.
Bayans rationale is to consolidate Kangaroo. Whites rationale is to prevent the consolidation of Kangaroo. Either they have found a constructive solution or one of those squabblers will get a smacked bottom fairly soon.
