Hi William Thanks again for all your hard work Re your point a)...

Hi William

Thanks again for all your hard work

Re your point a) and later: I expect you are right that Linkhas something to do with those delays.

Re point b) I don’t know if my broker (Bell direct) includes CBOE as well as ASX volumes-that’s a good point. BD gives all the days’trades separately, including crossings, but only on the day itself- so I can’tgo back and look at prior trades, including seeing how many were sold at exactly84.0c on a day.

“10days later, 3 accounts exited (Fortuna Investment, Trustum Investment andNavigator Australiaexited on the same date). So, I think Link processed the payment on the 28thMarch those 3 exited have 274 119 shares” I don’t know,but your comments are quite likely to be right. It is odd- or a big coincidence-that three large holdings appear to have departed on the same day. However, Isee from my BD info that the on market volume on 27/3 was unusuallyhigh- 327,628 traded-so they may have sold on market on 27/3.

Also, per BDdata, the last time that any shares were sold on market at 84.0c was on18/3. IF that is correct (and a complete record of trades) it means that RG hasnot bought any shares on market after 18/3.

Is there anythingin the notation in the CS register that indicates when a reduction in a shareholdingcomes from info from Link, to distinguish it from any other transaction(including an on market sale) that CS receives directly from brokers/ ASX? Iassume NOT since I don’t think you mentioned it.

“Regardlessof those incidents, I think at this stage or till September, unless the bigholders giving in, things are safe and sound. It's just bad like you guys said,the ones that accepted earlier to the take over panel's interim order periodmay not be able to get their shares back after being bullied so bad by those*S*!T%@”

I agree aboutsafe and sound. Unfortunately, unless TOP expands its scope, or ASIC gets involved,both of which are unlikely, the people who were bullied into accepting earlierwill NOT be able to change their minds and get their shares back (unless they themselvestake legal action.)

We won’t know theexact picture about withdrawals until the period stipulated by TOP on 3/4 hasended- 2 weeks after bidder issues the required supplementary statement. RG certainly can’t claim ownership of any of thoseshares until the end of that period, since the shareholders have the right to withdrawuntil the end date. However, if and when he gets any requests for withdrawalshe should process those promptly and publish a new 3Y within 5 business daysto show those reductions.

3a of the TOP ruling says “giving notice in writing of theirwithdrawal to the offer share registry” That wording suggests it meansLink, not CS. This doesn’t stipulatethat the withdrawal must be processed immediately- I don’t know if there is caseor statute law that says how long Link can wait before it processes a withdrawal.I would hope that we will see a series of 3Y announcements starting from about10/4, showing reductions, but the true, final status of the register may not beresolved until the end of April. If weare lucky, the new statement required by TOP may say how many shares areaffected by the ruling.

Since TOP mustgive its approval to what the new statement says, I won’t be surprised if it’snot issued until early next week. All of this is just my guesswork, not advice.