Ann: API Board rejects indicative proposal from Wesfarmers, page-3

Hi bevere

I agree. I assume that WES expected this reply. It will be interesting to see the WES reply, particularly to the statement that " the Board will only progress a change of control transaction on terms that recognise the fundamental value of API and are in the best interests of API shareholders as a whole."

I will continue to hold based on the expectation of a revised bid by WES. Initially I expected this to be about $1.45 - I now expect a higher bid will be required - $1.55 - $1.60 ? The EPS and share price graph for the last 10 years does not inspire me with confidence of a bid closer to $2.00.

Regards

Old Fisherman