I have set out a voting scenario, see below, that favours...

I have set out a voting scenario, see below, that favours Cosette not buying up small shareholders ahead of the Scheme Implementation vote.

These numbers are illustrative only.

Cosette current shares held by .................100 entities................100 votes Yes or No

Retail Shareholders held by indifferent holders............................500 votes Yes or No

Retail Shareholders held by determined No Voters.......................500 votes Yes or No

For No vote to succeed need 551 No votes being 500 from determined and 51 from indifferent

Let's say Cosette buys all the indifferent voter shares:

Cosette current shares held by .................100 entities................100 votes Yes or No

Retail Shareholders held by indifferent holder.............................nil votes Yes or No

Retail Shareholders held by determined No Voters.......................500 votes Yes or No

For No vote to succeed need 301 No votes from 500 determined shareholders.

In the second scenario the No vote would win and Scheme is defeated.

Lesson here is its not in Cosett'e interest to buy up and leave remaining determined shareholders to defeat the scheme.