Ann: Fourth Supplementary Bidder's Statement, page-28

This last point you make is a very interesting one.

Today's announcement is the first activity we have seen from Taurus since their appeal failed at the Takeover's Panel (TOV) on June 6 in relation to their activity in regards to Taurus' shareholding in Finders Resources (ASX-FND).

In the final Orders from the TOV they ordered that Taurus cannot accept the takeover bid for the shares they control in FND before 30 November 2018.

Taurus has control over 87,339,525 (11.31% of FND) shares. The takeover over is/was $0.23 reasons share.

This equates to a cash injection of $20.09m for Taurus. This cash injection will now not be coming until December 2018 at the earliest.

At the commencement of the RRP bid Taurus did not have control over approximately 35.8m RRP.

At $1 per share, this means they needed to have access to $35.8m. They just lost access to $20.09m for the best part of the next 6 months.

It's no coincidence to me about the timeline here.
15/5/18 last action by Taurus in regards to the bid (increase price to $1 per share)
29/5/18 Application for Orders lodged with TOV (presumably by RRP and/or ASIC)
31/5/18 Undertakings offered by bidder aligned directors
6/6/18 further undertakings offered by bidder
6/6/18 Taurus learn their appeal has been rejected by TOV in regards to the FND case

8/6/18 Taurus write to the independent directors (the letter is attached to the 2nd announcement lodged today) stating,

"We believe that it is the best interests of all parties for us and the RRP Sub Committee to agree to a mutually agreeable way forward in regards to the offer. This would be preferable to engaging in protracted and costly panel proceedings which ultimately benefit no-one."

The revised offered is suggested, in a take it or leave it style.

I'm not sure how that fits with the "mutually agreeable" way forward.

The Bidders statement fails to mention the company (that being RRP) will be the ones up for the 25 cent component of the bid, and not Taurus.

Taurus, in my opinion, have tried to force the independent directors to recommend acceptance of the bid by stating the bid will not be improved or extended, and by also stating they will seek to implement (as best they can) their wishes to seek de-listing from the ASX.

Taurus are looking to end the bid because, in my opinion, they know they will get their backside handed to them again by TOV. I suspect they fully well know this themselves.

The Board failed to advise shareholders who voted at the EGM that it could be a risk that the major shareholder would vote in favour of a resolution, only to withdraw support for it before it was implemented.

Only the Board, and therefore Taurus, could be held accountable as to why the wishes of 99.96% of shareholder votes have not been carried out in the near 11 months since the EGM.

Sure there was a risk mentioned about not being able to raise capital, but try and convince me they haven't tried. When was that Prospectus lodged again???

I don't expect to see this trading again any time soon, unless ASIC step in (assuming TOV will be out of the way if the bid fails).

I expect to see another bid in December (assuming this one fails).

Unfortunately for Taurus we will see another few quarters of incredible performance by the mine, and the back balance going through the roof.

If this plays out like this, then I would suspect ASIC will be receiving countless complaints going forward about how the directors have not been acting in the best interests of all shareholders.

Your bluff has been called Gordon, over to you. (Galt has now been chairman of Realm for nearly 22 months, and the shares have traded for 6 weeks in that time (4 of those thanks to an ASX waiver). That must be a record he must be very proud of!!!).