Ann: TOV: TBR Declaration of Unacceptable Circumstances, page-24

Well we can differ on our interpretations of the merits of the iron ore project but what I’ve said about it are facts, not a fairy tale. You’ll never believe me so we might as well drop that particular argument for good.

Well the fact is the option was never consummated, so the checks and balances within Tribune’s corporate governance systems worked and the 8,000,000 shares were never transferred. The so called relevant interest is fairly mute IMO because the shares were never transferred to Resource Capital so were and remain incapable to be voted on in terms of control of Tribune by Resource Capital IMO.

What I’m still unclear about is what shares actually represent the difference between Mr Billis’s declared interests in Tribune shares of 44.4% in annual reports and the 60.49% identified by the panel. It is not very clear IMO. Esh