Ann: Updated Proposal from IPH received by Xenith, page-5

Looks like QIP couldn't and have notified early. QIP price should be smashed today well below $1.31 if we see some heavier trading. Long term prospects of QIP aren't favourable competing against a combined IPH-QIP megalodon. QIP won't have sufficient capital to transform their inefficient systems to be competitive and growth inhibited due to having a smaller scale and starting later in Asian business expansion.

Only thing left is to get the majority of XIP shareholders to agree at the scheme meeting, which shouldn't present too much of an obstacle. The alternative of XIP remaining alone is commercially unrealistic.