lcy/haw scenario, page-18

Hi Bernardp,

You said:

If it was me, Option 3. Take them out and knock it on the head - no mucking around. Pay HAW a premium and be done with it. No more long-winded negotiations and term sheets - wrap it up!

I agree with you mate but not sure if HAW's management would.

The way I see it, is that HAW will choose to go with Option 2.

Option 3 (t/o) would mean that the money from the t/o would go to the shareholders and not to the company.

In Option 2, the Coy (as opposed to the share holders) gets the money which gives the management more options of what they want to do with it. It also gives HAW's management money to pay themselves wages and secure their jobs for another few years.

At least that's what I'm thinking.