Ann: NWE: Target's Statement, page-15

NWE have a controlling option. which has not been considered.

The initial premium implied by the Offer is well below the control premiums paid in respect to
the only other two takeover offers of ASX-listed companies with exposure to Perth Basin
Permian gas discoveries that have occurred in the last five years.

the "65% and minimum two parties" voting threshold required for the majority of
decisions under the applicable joint operating agreements; and
page 5
- the fact that to progress towards production, the joint venture parties must
unanimously agree the establishment of a production venture and may also need
to agree each party's share of net equity gas via a unitisation process (noting
that the Lockyer discovery may extend across two permits with different equity
interest percentages).

That is worth a whole heap to anyone looking and a good reason, maybe the only reason someone would do a T/O .