change in substantial holder, page-10

Hardmano.
B&B had the right to appoint 2 directors (which they have) to the SGL Board after SGL drew down against the Convertible Note last year and as part of the recapitalisation plan put in place.

The "big" buying by B&B (they now hold 26.7 million) is interesting. On 2/6/06 SGL notifed the market that the non-renouncable rights issue to existing shareholders had fallen short by 82 million shares. B&B was the lead underwriter and there were sub underwriters @ 30c per share.
Between them they had to take up and pay for 82 million shares.
Who knows what agreements exist between underwriter and sub underwriter but 37.5c looks like a very neat 25% profit for a subbie transferring stock back to the lead U/writer.
My guess - there are probably 55 million 'friendly' B&B shares out there somewhere in addition to 27.6 million B&B hold.
So are we seeing a 'genuine' acquisition with all the shares going through in the last few days or a crossing on market between "friends" - me thinks the latter.
H - something else that seems odd - SGL has suddenly found a whole new team of (up) rampers. Where did they come from? Haven't found anything of much substance in their posts.
I may be totally off course with my reading of the situation.........time will tell.
Who knows, one or two of the big players circling SGL may be accumulating.