Ann: Change in substantial holding - bidder now has 95.61%, page-57

Let me demonstrate to you why they will be buying us out in the near term, as opposed to becoming longer term minority holders.

Have a look at these 2 charts, previously released to the ASX by the company.



The coloured (purple) section basically shows where the company has been mining coal.

The non-coloured sections (which as you can see make up a large percentage of the land holdings of Realm) are valued at between $1m and $2m in the Independent Experts Report. This includes Foxleigh West and Roper Creek. This is over 20 hectares of tenements.

This is due to the very limited exploration done on these tenements.

The 2nd chart shows where drilling has occured. As you can see, there are many parts of the tenements that have had next to no drilling on them. Minimal drilling = minimal value.

T2 know they are worth many multiples of that. They won't want to share the wealth from these tenements with us.