Ann: TOV:Bullseye Mining Limited 03 -Declaration of UC and Orders, page-5

It seems that the board of the target was keen to accept the EMR bid!

It will be interesting to see if the shareholders of the target wish to exercise their withdrawal rights given the Takeovers Panel considered that they were not fully informed. EMR holds 19.45% of the target shares on the same basis as contained in the offer. Essentially, will the orders that supplementary bidder's and target's statements be issued impact the level of acceptances achieved in this 'inefficient, noncompetitive and uninformed market' setting?

Will there be a split amongst the shareholders, i.e. those who might not ever sell to Au Xingao, compared to those who want to accept a superior offer? Will an extra few cents persuade the “339 largely unsophisticated shareholders” to accept a potentially higher Au Xingao offer? Or will the holders want EMR shares and continued Australian ownership?

Also, will a superior proposal to the EMR bid be made? When you own millions of shares a few cents more a share matters! The 7 February 2022 EMR announcement states, "Bullseye have advised that the Xingao proposal is highly conditional and does not constitute or give rise to an offer which is capable of acceptance by its shareholders. As such, the unanimous recommendation of the Emerald Offer remains unchanged." It will be interesting to see if this is indeed the case.

Right now, as per Annexure B, the target must provide largely more information about why the EMR bid is good value for its shareholders. EMR is in the box seat given the target shareholders will become part of an Australian cash cow company. If I owned the target's shares, a few cents per share more than the EMR would not likely persuade me to accept a possible more remunerative Au Xingao offer. This is largely based on the past history of the target. (If you're bored, search the Takeover Panel's website and see how the target has been involved in applications before it in the recent past.)

The current target shareholders need a clean break from the roller coaster they have been on, and the uncertainty over ownership/prior bids. EMR provides a strong, commercial and financial suitor to provide certainty and security.

Let's see what the next month brings!

GLTAH