Ann: Change in substantial holding, page-9

In Australia 10% is enough to be a blocking stake, so any third-party looking to win out against compare the market would need to offer a silly price that would outweigh any combined strategic and financial benefits that CTM would expect to reap should they be the successful bidder. I think given CTM sit at near 20% any other bidder would save themselves the time and advisor costs on turning it in to a competitive process, given the slim chance of success