Ann: Response to Media Speculation, page-158

There won't be a takeover whether it's scrip or cash unless it's done as hostile IMO.

There is a clause in the company constitution that prevents partial takeover offers where change of control can occur without the premium required. Therefore it can only be a full takeover offer. No % threshold minimum etc. The only exception would be if shareholders actually voted to support a partial takeover. It won't happen.

TG and certainly much of the rest of the registered holders will not roll over for any mediocre offer, so all that leaves the hostile route with the attendant higher price as the only viable option to a suitor imo. Then they will have to compete for shares with shorters covering too. This is going to production! I nearly said "mining"....but hey!...we are already doing that. : ))

Finally, I respect WES and I own some shares in it, and they are extremely disciplined in managing their capital. I can't see them offering a price that would be acceptable to the market. And to get the CGT rollover relief that anyone here would want in a scrip bid, would require 80% acceptance minimum. It just won't happen.

regards
DF