Ann: Change in substantial holding from SVW, page-43

BPT to have another crack at DLS, except this time they will have SGH on their side holding 20% of DLS and voting for acceptance... plus the 5% stake BPT already own gives them a decent starting point to get it over the line this time... and by financing the deal SGH increases their holding in the new BPT... ?

The end game may be a larger combined entity where SGH end up with a large stake. SGH may either just sit there holding the large controlling stake of the new BPT and then down the track if circumstances suit swallow up the rest.... ?