Ann: Board Changes, page-30

I was initially pleased to see the involvement of the Takeovers Panel here, when it was first announced.

I was, and still am, supportive of the decision of the NA Directors to take the case to authorities.

Having said that, I now wish the Takeovers Panel had never become involved here.

The bid was dead at the end of June, days before the Offer was due to end.
T2 was still only at around 86.75%, nowhere near the 90% mark.

T2 and Realm would have only had one way forward from there. That was to meet the 80% free float rule and look to raise capital.
They couldn't have got away with it for any longer.
ASIC was investigating them, and representatives from ASIC were apparently present at the AGM according to my sources.
This is why hardly any questions were answered.

T2 had increased the holding by around 1.1% in 3.5 months. This amounted to approximately 7% of the free float shares available to the Bidder at the start of the Offer period.

The actions of the Takeovers Panel assisted those 7%.

The actions of the Takeovers Panel have, in my opinion, destroyed any chance of those other 93% getting more than $1.35 for our shares (assuming the get 96.41%).
They added insult to injury by allowing the possibility of the $0.35 "compensation" to come from the pockets of Realm before they owned 100% of it.

It could of been a whole different story if the compensation was ordered to be paid, without any more acceptances being allowed.