Ann: Meridian Rejection of Samuel Terry Takeover, page-27

guys - I believe you need to think dynamically about how the shareholder base is changing here. it is by far the most important consideration. every single share that has been bought since STAM went on the tape - and that is somewhere between 12-14% of the whole company, and going up 1% a day - is a vote for a liquidation or to maximize value in the equity, now (ie not drilling but crystallizing the $1.1+ NPV in the equity today). STAM of course knows this. That's why they bid 45c (a pure placeholder to force a re-register of holders). If you simply take every share traded since the STAM bid, and add the STAM shares, we are already basically at 20% of the company. to control the outcome here we need what, 50%? maybe not even?

what i'm saying is, Meridian is important but not as important as new buyers coming in. if volumes continue at this pace and at anything north of 60c in the coming weeks, it is essentially going to force the board to do something massively accretive immediately (huge stock tender; distribution of earnout; negotiate earnout resolution early with WPL; put for-sale sign up for the whole co; etc), or they will simply lose their jobs because new shareholders + STAM will demand this at a meeting.

ZERO buyers of the equity since STAM went public are in this for more drilling. it is simply about crystaillizing the NAV discount of what's there today - with or without Meridian on board.

GLTA.