Ann: Change in substantial holding from WNI , page-50

There is a need for some clear thinking here.

Firstly, there is a current ASIC investigation with evidence showing a total of 9 shareholders based in either Hong Kong or Singapore with links to WNI supporting all of the increase in WNI's shareholding from 22 to 52%. Wait for an outcome here.
Then there is the next step of going back to the Takeovers panel with the evidence gathered first with ASIC.
Then there is a possibility of a ruling that WNI have to sell the shares they have illegally accumulated. BRM then goes full steam ahead.BRM on the cusp of becoming a producer and the share price about to be rerated once rail deal delivered.

If all that fails. There is a 52% holder who wants a bigger holding. Management holds10% so the 90% will be out of reach because long term holders have no intention of selling to them.

Production is the focus.