directors accept, page-15

Mick, and others that noted that I promised never to post in the ADE forum again, please allow me some poetic licence, definitely for the last time, by now calling this the de facto BPT forum. Please.
I have very closely watched these proceedings, as I have also been watching the ADE forum for many months. You were a "partner" of ICN and consequently, was of great interest to me as an ICN SH.
I particularly wanted to see how BPT worked with you and "potentially" with us.
During that time, I saw a disagreement between BPT and ICN re 855. BPT, as part of their request, remember, their request, to J/V 855, were asked to do certain things while ICN went away to get permits, approvals etc, the formalities stuff.
BPT had 17 long months to do their bit and when ICN said that the J/V was not to proceed due to BPT's non compliance, what did BPT do to their potential partner, they didn't even sit down over a beer to sort it out, they immediately filed Court action!! Which they won as ICN wisely pulled out to save what could have been a million dollar Court battle. Some "partner".

Then we see BPT getting all chummy with ADE, handing them some big dollars, at a very nice premium, for which they got around 19% of ADE (hmmmmmmm). The "concerns" started to appear in many of our (outsider's) minds. Thoughts of how they treated ICN and thoughts of wooden horse of Troy conspiracies, getting into bed with the devil etc, came into many minds!!!
But, not the minds of ADE's management!!!! They even produced a media release telling the world of their new found love affair that was going to bring everyone great riches.
BPT even asked for options redeemable at FORTY CENTS when the SP was languishing around 13 cents!!! Alleluia, ADE management cried!!

A "mysterious" bloke called WALKER, loved all this, ADE's number one SH, who now had become number 2, saw the great opportunity and kept buying shares on market with his ears pinned back, creating this lovely warm feeling among ADE SH that all was good on the good ship ADE.

Now, as it has all become common knowledge to everyone, BPT's number one goal all along was to take outright majority control of ADE. 50.1% would have been enough, just CONTROL, but, as cheaply as possible. They already had nearly 20%, so only needed 31% more to get over the line, sack ADE's Board and take over (it's all in the Bidder's Statement).
But they did what nobody, but, maybe a few(!!!) expected, and that VERY VERY rarely happens on the ASX. They put all their eggs in the one basket and made an unconditional (it had to be) cash offer, at a 50% plus premium, ON MARKET for all the remaining shares in ADE!!!!

Now, does ANYBODY, believe that a company would do that unless they were VERY confident that it would at least get over the 50% line???

All they really needed was for that "mystery" bloke called Walker, to agree and they would be a certainty, as that would give them 38% straight away and enough disenchanted SH of ADE would certainly follow. Let's get WALKER would have been BPT's main game (VERY likely BEFORE they made the on market offer???)

And, quite CONVENIENTLY, Walker WALKED. WITHIN THE FIRST HOUR!!!!????

Now, do you really think that BPT would have taken that huge punt if they were not absolutely confident that Walker would accept???
Had he not accepted, I venture to say that they would still be around the 30% acceptance mark and very likely going to have very public egg all over their faces. Hmmmmm. I'd be VERY peed off if I was an ADE SH, now, I am just a nervous, but, much more educated, partner of that same crowd.
ICN doesn't appear to have an obvious Walker as such, but, "mysteries" still linger.
This forum has taught me much and for that I thank you, just hope that history doesn't repeat itself and you all find a nice nest for your BPT money.