Ann: TOV: TBR Declaration of Unacceptable Circumstances, page-13

"And I'm not talking about the "oh I don't mind if Mr Billis does cause he's built this company up from his bootstraps" response; I mean just conceptually, as a general question, it doesn't bother you that a founding director could have an undeclared 60% voting interest?"

There are 50,003,023 ordinary shares on issue as per the 2017 annual report.

Mr Billis in the same report declares interests in 22,217,655 shares or 44.4% of the company's stock. I don't know where you are getting an undeclared 60% interest from?



What the take-over panel seems to be saying, in part, if I read it right, is that there has been an undisclosed 8,000,000 shareholding in TBR by virtue of Resource Capital not lodging a significant shareholder notice in relation to its interest in the Tapeta Option agreement. The summary also says the Rand intends to terminate the option agreement which presumably would negate the need to make the disclosure.

What will be interesting is what orders the panel will or will not make to unwind the "association/agreement" between Mr Billis and his wife which the panel has deemed has allowed them to control the affairs of Tribune and how the 23.34% increase in voting power of TBR over RAND, that ASIC have been aware of since 2010 and remains outstanding and in contravention of the corporation Act, will be dealt with.

Surely ASIC should have acted on the second matter before now. They have know about it for 8 years!!!!!!!!

Eshmun