Ann: Directors acquire Cazaly Holding in Winmar , page-16

re: Ann: Directors acquire Cazaly Holding in ... Hi mate,

Its all in the notice for the annual meeting/proxy form.

Part of the independant review info. Apoligies also it is actually 34.29% after tranch 4.

Here's a part of it;

The maximum increase in the voting power that PXSteel will be entitled to if Resolution 1 is
approved is depicted below in Table 1.
Table 1
Tranche
% holding
of PXSteel
before
% holding
of PXSteel
after
3 19.92% 23.51%
4 23.51% 34.29%
If Resolution 1 is approved and the Tranche 3 Shares are issued to PXSteel, then the voting
power of PXSteel in the Company will increase from 19.92% (assuming that none of the
Options are exercised and no other Shares are issued by the Company) to 23.51%.
If Resolution 1 is approved and the Tranche 4 Shares are issued to PXSteel subsequent to the
issue of the Tranche 3 Shares, then the voting power of PXSteel in the Company will increase
from 23.51% (assuming that none of the Options are exercised and no other Shares are
issued by the Company) to 34.29%.