Ann: Offer to Participate in SXG Share Purchase P, page-7

re: Ann: Offer to Participate in SXG Share Pu... I seem to recall the offer to buy out the unmarketable parcels, just can't find the announcement now. So I suspect you are right and that the actual number of holders has decreased since the annual report.

Another consideration is that the share price will probably drift down to close to the offer price over the next couple of weeks. People who are already in SXG and want more will use the offer rather than buy on the market. Those who are not in SXG now and want to may also wait and pick up shares on the market from current holders trying to tke advantage of any price differential between the offer and the market. If there is not much difference in market price and share price, there would not be that much of an incentive to take it up.

What all this means is that the uptake of the offer will be less than what I was thinking last night and the dilution/scale back may no tbe that big a factor.