Extremely low offer, page-20

I'm not too sure why holders are whinging about the SOA price. The consideration is via an all scrip basis so you are not getting cash without the upside. You are getting AA stk at a small premium plus the upside potential with the rerate as the mkt improves. You will also get the rerate that comes with US listed stk as AA trades at a higher multiple than AWC does. Getting cash is final. Even if AA gave us $1.50 in cash I would not view that as acceptable as I'm a LT investor as are the mjr SHs.