Ann: Takeover Bid - Independent Expert's Repo, page-5

re: Ann: Takeover Bid - Independent Expert... rods, the only way to avoid spending that money would have been by not defending the takeover. It's a fact of the industry that this is what happens with takeover bids - a lot of money gets wasted. Ultimately that's AD's fault not UCLs.

We probably should thank AD though, a capital raising this year was on the cards anyway and now we should be able to get it off at a decent price, even better MAK will have to support it and pay the higher price. Basically MAK and JK will end up picking up about half of this bill between them.

Nobull, i'll be surprised if AD bids 46 cents cash. To get the whole company at that price would cost him something $34 million which would leave them little in the bank and having go raise. The whole point of the scrip offer was to try and get us without touching their cash which would supposedly then see them funded for equity portion of Sandpiper without capital raising.

I'm thinking a combination of cash and scrip may be on the cards.