Itochu Agreement, page-2

Hi TerryA
I believe shareholder approval was already given at an EGM (maybe AGM) soon after the deal was announced. I read through it a few weeks ago but don't have it in front of me at the moment, so I may be wrong.

On the same note, I have another question concerning the Itochu deal. I believe the price was to be at a 10% discount to the VWAP over the two month period commencing one month after the case was finally determined. Given the [confidential] settlement on the 30th June, that means that it's based on the price for the calendar months of August and September. However, as you say, they have 6 months to convert their DSRs. So if they choose to take them up at the end of the year, is the price still based on the August-September share price? That doesn't seem like it should be right. Supposed there's a buyout valuing AGS at 70 cps, and the share price approaches that - do Itochu then get 15% of AGS at about 20 cps?

And don't get me started on asking how the hell shares in ACE (as opposed to AGS) are allocated.

PS. Minor point - I think there are about 340 million shares on issue at the moment.