Ann: Letter to shareholders re Arrow Proposal , page-23

"I think Arrow may indirectly control close to 20% of BOW via DB, UBS and NAB. "

how does that happen?

if Arrow is "associated" with another s/h/ and the total combined shareholding exceeds 5%, then they are required by law to issue a SUb S/H Notice.

One can only presume that DB and UBS are acting independently - one arm doing one thing, and the other arm doing something else - they are not supposed to communicate.

one would think that the board of BOW would scream if they thought that BOW was being stitched-up, because the directors have big money tied-up in BOW, just like us.

more to go on the BOW front imho.

cheers