Ann: Change in substantial holding, page-9

So Pitt & Co are going to touch 20% and will then hit creep provisions but no doubt in my mind will continue to acquire as much as they legally can which is 3% every 6 months.

I think you will find that SBM like the look of this deposit and so they will move to 20% reasonably quickly. SBM have identified CYL and PEX as major parts of their growth strategy. Buying CYL outright would cost them a bit of $100M and buying PEX outright would cost them around $150M (net of what they hold in both companies already).

Do they want to buy PEX outright? Probably not.

SBM have $200m cash and no debt so they could easily buy both and but doubt they want to take on two acquisitions simultaneously. PEX Southern Nights is much closer to production.

SBM are not far away from hitting 20% and they will have to issue a change in holding as well and then that will tell me the game is well and truly on.