Ann: Change in substantial holding, page-64

The profitability comments were in relation to your comments about issuing more shares, diluting existing holders into oblivion.

No assumptions. I know of the existence of another ASX listed company that is unable to issue new shares (to an already agreed acquisition) because the shares are suspended. It is already fact that the Takeovers Panel has become involved in the RRP takeover. We don't know if that was action taken by ASIC or not.

I'm not one of the ones claiming $1.35 as a minimum victory. It is a minimum victory if the Bidder launch another offer prior to Dec 31.

The chances of RRP going private before we get bought out is close to zero in my opinion. Have a look at the details of the fund that is invested in Realm. Petercalks GIF's tell you the Bidder will be making a fortune out of this. The longer there are minority shareholders (public or private) the more of the future proceeds they are going to have to share.

I am in no way underestimating T2, I'm well aware what I/we are up against. Their issue is they have already forecast their next steps, and they will always be the ones needing to make the first move. They have a lot of power, but (at this stage, whilst under 96.41%) not everything they say goes.