Ann: Scheme of Arrangement and Demerger, page-9

And Ansteel also get 35.71% of Coda under the Scheme. This is an opportunistic offer made to look good because of the current low share price. There won't be any surprises on the outcome of an Independent Expert's Report (IER), these rarely go against the Board's view. Not sure about FIRB clearance but the issues will no doubt have already been considered before the proposal was prepared. I also suspect that the Tax Losses will be saved and if so, it will be interesting to see how the IER treats them. This will cost Ansteel next to nothing when you take into account all the benefits it will get and we get the pleasure of them on our share register. Unfortunately, I am not confident that this Scheme will not get up.

ANZ