Ann: Scheme of Arrangement and Demerger, page-61

Another bidder is just not going to happen @asx_dude

The owner of the Karara assets is KML. KML is 51%+ owned by Ansteel and 48%+ by GBG. Even if Ansteel as a 35% owner of GBG shares allowed someone else to bid higher and they got 65% of GBG, it is a road to nowhere as the new major shareholder of GBG will always be the majority owner of the minority partner in KML. So forget any thoughts that Gina/Twiggy/BHP/Rio or anyone else will get involved. (my opinion of course).

Could be a different story with calling in loans etc as I am presuming all the loans are done by KML and there would have been cross guarantees and such provided by Ansteel and GBG. I don't think Ansteel will want to ever let KML get into default and call in guarantees and loans as then the KML assets are on the chopping block and available for sale by an Administrator/Liquidator.....now all of a sudden Gina/Twiggy/BHP/RIO etc may all of a sudden get interested in buying a long term producing asset. Just my opinion but I don't think Ansteel want to open up that can of worms as they could end up owning 0% of KML !

I am no legal eagle or have access to the ever important loan documents etc so its all in my opinion only, but a couple of decades of common sense lead me to these views. I think its a YES/NO vote on the 2.6c plus demerger assets at this stage....no more, no less. Understanding the rules on votes and voters for Schemes of Arrangement is critical and as I mentioned yesterday the minority shareholders could actually stop this, but someone would need to rally the troops to vote NO.

I still think it is a dud offer and will be voting NO.