Ann: Andromeda and Minotaur to Combine, page-45

Based on the old DFS it is reasonable to take the view that this is a good offer for MEP holders.

However, if the underlying bloat in adn sp is taken in account for blue sky; consider MEP's position that ALL extra IP developed under the JV MEP allegedly owns 25%, then it would be premature to consider a takeover offer PRIOR to the release of new DFS!

This is a concern, and imo a potential reason the offer from adn coming in now prior to DFS, because the IP is in dispute concrete etc... Can you see the mess in attributing profits, and legal disputes if a DFS was given prior to an offer?

MEP owners should have gotten pretty close to full 25% of ADN.