Ann: Chairman's Letter re Scheme of Arrangeme, page-19

re: Ann: Chairman's Letter re Scheme of A... Guys, I think shell's move on Bow today reinforces the fact that STO will consider their offer full.

I really cannot see a competing bid, and the multiple offered for bow will further suggest Santos has made a fair offer in the current market. Will the independent report now be adjusted to consider such an offer made in this market? Multiple on past takeovers are no longer relevant.

The inaction from esg suggests to me that they need this deal.