Ann: Letter to shareholders re Arrow Proposal , page-11

to what i read between the lines that mangement are not ready to sell at the price offered and that they want to prove up more reserves and have 80mill plus to do so and are still intrested in a joint partner,what say that arrow would not buy a25% stake,but at the end of the day would have to pay a lot more when fully developed or else they have other people intrested in a jv,so therefor the share price should pass the offer on the table now,is this and end or a higher price from arrow,4.60 will lighten my shares.