I just did a quick re-visit of Spheria's recent substantial...

I just did a quick re-visit of Spheria's recent substantial holding disclosures.

They had around 10m shares at an average of $2.14 in August and paid another $5.78m for 2.69m shares in early October ($2.15) and now $6.88m for 3.11m shares ($2.21).

Spheria average price now somewhere around $2.16 for a huge investment of more than $32m - this doesn't sound like someone who would support scheme B at $2.22 to me?

Scheme A is still dead. There are 117m eligible votes, even if Spheria and Sethu vote 25m shares NO, Mittleman vote 20m YES - they need more than 87% of the remaining votes (63m of 72m).

Scheme B re-visit:

Rough figures and assuming the worst (eg. Spheria could vote NO)
195m shares total, 147m for YES to get up.
VRC etc 80m YES
Sethu 10m YES
Spheria 15m YES
Mittleman 20m NO

Leaves 70m votes, 42m of them needed for YES to win, which is 60%

If Spheria are actually voting NO, then it's basically game over - 57m of 70m for YES, which is more than 81% needed.

With Mittleman dead against the whole thing and Spheria looking like $2.22 won't move them, I really like our chances here.

GLTAH