Ann: South Erregulla Update, page-152

The only piece of that theory that is missing is size concentrated buying in TPD. We have turned over 25% of the TPD SOI since the TO was announced, we lost Nero, but are yet to gain a substantial shareholder of any type. If Hedge funds are buying, then it's multiple funds not a single entity. Whoever is buying, it isn't concentrated. If we get a notice come out, that will provide better understanding. My current view is these shorts remain uncovered, there isn't really any rush to cover them via STX or TPD given there is still 2 months to the vote. Shorters can play a long game if they want to. JMO.