merger

Bit hard getting through the fine detail on the merger early Sat morning but looks "not negative" deal for AWE from first read.

18% dilution to get

. increased stake in BASSGAS, CLIFFHEAD and onshoe WA
. 53M cash
. 15% exposure to BURU canning (glad we not diluting for blue sky in canning but retain healthy 15%, just in case)
. yemen interests is good fit for some overseas exploration exposure for AWE though i havent looked at this asset anyone been following this?
. adelphi 32%, is this worth anything?

hopefully they are retaining some of the technical staff after the merger hence the extra cost of a perth office.

18% dilution hmmm maybe a bit more than i would have liked have to go and do some more detailed numbers later.