Ann: OFF-MARKET TAKEOVER BID FOR XCD ENERGY LIMITED, page-81

XCD are close to a busted flush. If we wait a few more months they will be available for only a few % of 88E shares, not 15%.
Of course, there are conflicts of interest here.
Our MD owns over 4% of XCD which could end up as Nil.
Or, it will translate to about 0.65% of 88E if we Buy XCD.
The issued papers so far do not identify a benefit for 88E shareholders.
Our BoD would do better to find a Buyer for AEA and resolve 88E's looming cash call.
And not further dilute 88E shares by 15% for no benefit unless we suddenly find $20m (from?) to do 3D Seismic and Drill Program for XCD.
Otherwise XCD leases just sit there for a few years, nothing to gain, just costs.
etc etc
Phrontist