john anderson, chairman interview, page-17

Hi Hardmano,

I did contract negotiations for a living and I can assure you the proposal is not complete, it is only an offer that the board has agreed upon, it is complete after the voting has passed it (75% majority). There has been no acceptance and hence room for negotiation. The upgrades would render the offer incomplete as there is a material adverse change to ESG that has to be taken into account.

In other words once the upgrades are announced then the proposal becomes incomplete hence STO may negotiate a better rate in order for the IER to pass the scheme.

ESG is not allowed to communicate this to us hence Ian's email to me stating that the price is dependant on STO's SP.

IMO the reason why they might hold out to the IER is because they expect an unsatisfactory judgement from the independant review which they cannot make comment on themselves until it is formally communicated to the ESG board.

Anyway that's my 2 cents worth.

Fingers crossed and hoping for the best.

Kind Regards
Bobby