i think agl is getting ready to get esg, page-7

At $1.00 per share you are looking at a takeover price of around $760m. AGL have around $70m cash and $400m in revolving credit. Unsure of STO cash, but was around $200m end of 2007 and they have just completed a share buy-back. Noting debt is dificult and frowned upon of late, is it feasible for either two companies to raise money through a share placement in current market conditions and respective sp values? The dilution will impact the benefit of any takeover gain. However if ESG do upgrade their resources substantially it may be 'jobs on'. Lets hope so...