All In my opinion.  ARA has a long history as a property...

All In my opinion. 

ARA has a long history as a property developer, and also has a keen eye for undervalued assets (buy in at 0.03 in our case).  It has no direct interest or experience in mining that I recall (indirectly years ago with Bluestone Tin, now metals X, kind of, and also indirectly some current contact with a tin mine, which just happens to have potential land bank for development.  Likewise, as does Dreamworld. 

The PHES development angle may have appealed to ARA as extra hidden value to the obvious mining (an additional hidden asset) at 0.03cps.  The only reason I can see for ARA to make a take over would be for control if management or Board are not doing a good job. And I imagine that ARA already has a significant voice at the Board level, so less likely to need a takeover for control and to sort out the company, imo.  Or if they are pretty sure (certain) that there will be a good (great) income stream or sale price down the track.  They often see and play the long game, and are quite patient, and may wait another 5-8 years or longer before they exit their positions for a significant profit. But I could also see them selling their nearly 30% shareholding if a reasonably good offer and profit came along in the next year, giving them a significant multi bagger at 0.03cents. I do not believe that ARA would sell at these prices, unless they no longer anticipated significant future gains (through insider knowledge).  There may be problems with adequate disclosure if they made a takeover bid, at least at anything below a significant premium to current SP and assets. 

It will be interesting to see if ARA has increased or does increase their SH under the 6 monthly creeping share purchase provisions.