Article in Australian, page-126

WN,

Crunch time is approaching very quickly. I remember you always had a view of 24c 25c and I worked backwards from a different direction arrived at 23.5c. I thought that was almost like WPL's 560mil to FAR's 561mil. However, that was before the last RISC report.

Last week, I worked it out with the latest RISC report and somewhat bullish DJ figures of around 40c.
OK that is probably optimistic, but even with just a 14% upgrade from my 23.5 would be say 27c.
At a pinch, I probably would say where do I sign! As you suggested, hold out till the last minute. The first offer would have put a floor on the SP, unless they got the sh!ts and withdraw. which can happen.
Of course, if there is another suitor, then WPL would rather have it done prior to complications set in,
might give us more with a script. But that's ok, I'll just sell the shares.

FAR share holders probably would be better off financially with a knock out deal TO rather than go with another major, which means we would have to wait yet again. Been waiting since SHELL, so really had enough. Wonder what FJ's view is.

This would cost WPL another $US910 odd mil, but they would then get 50% of SNE (320 mil b at 1.90/b.) It is really an unbelievable deal. This is only 350mil more than what they originally said they would spend on an acquisition (from memory).

What to do? but wait for an announcement from FAR.

KKW