Ann: Rejection of Non-Binding Indication of Interest, page-2

What happens from here? Board now in conflict with its majority shareholder. Pathways:

1. Jangho returns with finance secured and ups bid; or

2. Prolonged tussle set in motion where Jangho seeks to get its own Board members appointed over time etc, bid value remains largely unchanged; or

3. Jangho lets alternative interested parties know its own stake is up for sale and new bid and bidder declared; or

4. Nothing. Jangho simply stays out with its 16% stake and waits for the long term strategies to come to fruition and earns basic dividend income of less than 5% on its stake.

If Jangho didn’t own such a high stake and in need of its own mainland expansion strategy this would be easier to predict.

At 16% it is tricky for the Board to bat away all offers that may come from it, particularly if finance declared. Becomes a lot harder when share price falls backwards for prolonged period.

At same time, investment is burning a hole in Jangho’s pocket and therefore unlikely to remain passive for much longer.