Ann: Response to Media Coverage - Non Binding Indicative Proposal, page-65

They said this was the first WRITTEN approach from STX but probably have had some discussion about this previously .
The proposal seems light on to me .

STX cannot really drag their feet for Walyering as mechanical completion is almost done and STX wants the cashflow too .

The Management of TPD certainly did not sound completely adverse to a deal .
They would mainly keep their jobs in the new business that held the Mongolian assets .
Probably share rights and options would vest or be bought out too ??????

We live in interesting times .