Ann: Scheme of Arrangement and Demerger, page-69

@countstewart - what about the debt in that calculation ?

Great that people are looking at alternatives but I see it as purely accept or reject the offer on the table. I will be rejecting it (saying NO) with my shares as I think its a lousy deal and the way it was structured was C Class work by the GBG Directors who could have simply offered to sell Ansteel the 48% of KML shares they do not own at a price we shareholders could accept or reject. Instead they made it a complex structure, threw away a heap of cash in the deal, wasting money on Lawyers, giving away tax losses and got a deal to keep their overpaid jobs in the new Co. Why ?

whilst more complex than it needed to be, it is however positive that a deal is on the table as it shows that Ansteel see a future with Karara (KML) and we will all finally get to have a good look at the books via the I.E.R. I am not worried about the Contingent Liability as that is what i call a smokescreen. I do not believe Ansteel will open the door for other players to pinch the whole project from them.

My opinion of course.... people have been known to do stupid things so anything is possible.