MEP or ADN, page-607

Hi Jophda
Interesting comment you made:
"The Market and ADN share holders in particular agree with me that an ADN take over of MEP is very unlikely."
I am not sure how you can make such a comment without real data. You are entitled to your opinion but stating as fact is not a good way to express your opinion.

"They are not doing that and the huge apparent value discrepancy between the shares says the larger Market does not think it would happen either".
I agree with you on this comment but the market is well known for under and over valuing companies. Furthermore if a script offer is on the cards, ADN's directors will be keeping a lid on the subject. Given that both companies have appointed advisors on how to maximise shareholder value, IMHO this firmly pushes an all script offer to the front of the queue of options as ADN will not need to raise any additional cash to finance it. I believe ADN shareholders would vote for the issue of shares to MEP shareholders to obtain 100% of the halloysite kaolin projects.

I may not be correct in my push for an all script takeover but if common sense prevails I just think that it makes very good sense for both companies' shareholders.

Chrs W2