ethical practice??

A suggestion for correspondence with John Anderson and DC:(Sorry its a bit long winded. I had a read of the SID and there doesn't appear to be anything in it that I could find which would prevent ESG publishing its reserve upgrade. If anything the reverse might apply... lack of ethical practice and an act of omission. My tuppence worth follows for what its worth)

TO: John Anderson, Chairman ESG
FROM: Shareholder

We trust that the "no talk, no shop" Transaction
Condition does not prevent our Board from publishing the reserves upgrade - a commitment given by Management to shareholders in recent Investor Presenations - and that this reserve upgrade would be made available for use by the Independent Expert.

Because this commitment to shareholders PROCEEDED the "no talk, no shop" commitment given the Bidder by ESG, and was therefore known by the Bidder and would have been a material consideration by the Bidder in constructing its bid, it is only proper, ethical and fair that the said commitment to shareholders be executed by the Board and Management of ESG.

Furthermore in relation to Transaction Condition (111) that "... limits ESG's ability to engage with third parties on a competing proposal..." the commitment given by ESG to its shareholders to publish a reserve upgrade is not defined or excluded by any of the six Competing Transactions involving Third Parties defined on page 2 of the Scheme Implementation Deed (SID).

Nor is the commitment given by ESG to its shareholders to publish a reserve upgrade excluded by any of the sections under "ESG Material Adverse Change" (page 3). A reduction in reserves by 5% is mentioned but nothing on INCREASES in reserves as being an Adverse Change. It mentions acts of omission which means that exclusion of the reserve upgrade could be construed as an omission and therefore an Adverse Change.

Nor is the commitment given by ESG to its shareholders to publish a reserve upgrade excluded by any of the 24 sections under "ESG Prescribed Occurrence" (pages 4 to 6).

I and 4 family members are long term shareholders in ESG