re: Ann: DOW: Downer secures $120 million Kar... With reference to the above.
Ansteel's effective holding of Karara (KML) is:
50% directly in KML
15.5% via it's 31% holding in GBG (GBG owns 50% of KML so 31% of 50% = 15.5%)
So total effective Karara interest = 65.5%
Thankfully Ansteel's voting power is only 31% of GBG, so it cannot affect GBG's direct votes in KML.
Make sense? I'm a financial accountant, i've trade to make it as simple as possible :P
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