There is considerable discussion on the subject over on the FWR board, and most of it is erronious.

NOT is picking up 11.75m shares of FWR. However they did not have this completed prior to Dec 22. Therefore the voting rights to those shares rests with the registered owner as of that date. In actual fact most of the tenderers are no longer concerned with FWR, and will not vote one way or the other, and NOT is unable to vote them since they did not own them on that date. This movement to say no seems to think NOT has these shares and will vote with them, but in reality they probably will not get voted either way.

Regards

K