Ann: Change in substantial holding from WNI , page-15

Hi Mozart - indeed we were foolish to think that any of the relevant authorities would really give a hoot about such minnows as us :{ . . . but even before it got to the point where it was realised such protection might be needed most punters were pouring derision on WN's prospects of getting any significant acceptances (bogus or otherwise), whereas in reality they pretty much had the 50%+ done and dusted before they announced the bid.

And yes you are right about FRS being a failure, however I think FRS was always a secondary concern for WN compared to BRM, otherwise they would have ensured they were in a similar position to be able to deliver a "coup de grace" to FRS before launching their bid as they so obviously were with BRM.

I've held since the YML days and will be gutted if WN does succeed in hitting 80%, but have a strategy in place should that occur. In the meantime however, the only chance for any kind of advantageous outcome from this mess for us minority holders is to hold out to retain any chance of a blocking stake, and not sell through despair or trade through cockiness each of which gives WN the opprotunity to increase it's "acceptances".