Ann: Target's Statement , page-7

Dear All

Interesting that Glencore shareholding only increased by 0.02% prior to the target statement or 0.08% of the remaining shares or 1 in 1,250 shares - can only presume that this was danbradsters holding. By the way, I presume he is not the same Dan Bradley who works for Macquarie which may not be a good look as financial advisers to Glencore/Minara.

A comment appears in the Target's statement that Glencore is currently at 73.52% and will need to get to 93.38% to compulsorily acquire the remaining minorities. Presume that this is accordance with the legislative formula but does anybody have any views on this?

Irrespective of my views or anybody else's views, if correct, it certainly would be a remarkable change in the views of the remaining shareholders - 20% of the company's shareholders to be precise!!

There will be some very large shareholders in this - $20 M plus holdings who will likely suffer huge losses from their purchase price if they sell.

Now some of these instos may be lazy but not stupid and will likely move to protect their positions. Should be interesting in Peter Johnston's office in the next few days.

Cheers EOS