Ann: First Supplementary Target's Statement, page-5

@heatherbelle, I kinda little bit disagree with you about the Directors.

say NO to the revised Westside offer. However, to my opinion, the AJQ's BOD recommendation to accept the Westside offer does not mean that they are not working for the best interest of the current Armour shareholders. On the contrary.

Please read the end of their statement carefully, "..............., in the absence of a superior proposal". While the Directors know that the shareholders decision (to accept or not to accept the offer) is beyond their control, the company's ability to bring the potential resources into operation is the only path to unlock the value of the company. The later is surely be their main focus. The daily market, the share price, the shareholders intention (and motivation) are beyond them for many different reasons. And we all know, no one can control the share price.

At this stage, despite the current unfavourable business environment, thanks to the Directors, Armour has attracted two bidders who also see the long-term huge potential of the company. But not every shareholder consider time as their friend. They rather interested in the daily fluctuation of the share price. And yet, it takes time - and resources - to unlock the value. While the share price is beyond their control, who's going to be blamed but the Directors if the Armour share price fall to levels below the Revised WestSide Offer when WestSide offer is rejected or WestSide withdrawn their offer. But who said that they might not think about the possibility of receiving a superior proposal?. Who ever thought few weeks ago that Westside will increase their offer price almost 67% from the original offer?. Thanks to The Directors by telling us at that time to reject the Westside first offer. And knowing that the Directors has AEPG on the other hand has made Westside increased their offer.

And now, the Directors said NO to AEGP's farm-out agreement offer. It's AEGP's turn to read that strong message if they really want to be part of the Armour huge potential. Therefore, I believe, the Directors are still working for the best of our interest, the Armour shareholders. They sent the message to AEGP now that they shall come up with a better offer, otherwise...........

Let's do the math.

At 20 cents revised WestSide offer, the company is valued about AUD 60 Millions.

Farm-out agreement says that AEGP is going to spend up to USD 130 M over 5 years (together with a payment of up to USD 13 M and further potential bonus payment up to USD 10 M), in total USD 143 M or about AUD 198 M, to earn up to 75% of the Farm-In Tenements. If they are willing to spend AUD 198 M to earn 75% of the Farm-In Tenements (forget about other assets), and knowing that WestSide has revised its offer price - with the Directors "support" - don't we think that the door is still very much open for AEGP if they are willing to do the deal in a more straight-forward and simple way, just like WestSide did.

To get 50% shareholdings, WestSide is willing to spend around AUD 30 Millions (150 millions shares at 20 cents). Of course, the current AEGP proposal is not apple to apple comparison with WestSide. However, I will not be surprised - with the amount that AEGP is committed to get 75% of the farm-in tenement - if AEGP's apple to apple offer is what the Directors expected from AEGP now.

As with what happened at the stock market, it always makes me wonder that someone is still willing to sell their shares below 20 cents while they can easily sell it to WestSide at 20 cents. But, you know the market