nab is back in, page-44

Wal,

I have made a little research (a little slow because I am still on dial-up and our dearly beloved Telstra does not want to upgrade the exchange to broadband, while at the same time I haven't got a very good reception with the "Next-G" either), and I haven't found anything in concrete as to what we will get in regard to the Dart offshoot/demerger.

I found that on the 19/3 current we had a Trading Halt, followed by a recommendation of acquisition on the 22/3/10 posted by AOE in which they state that we should accept the offer.

It was then followed (on the same day the 22rd of March) by a release from Shell/Petrochina, stating:
"On successful completion of the acquisition, the J/V (Shell and Petrochina) would own AOE's Queensland assets and domestic power Business, as well as Shell's QLD CSG assest and it's site for the plant on Curtis Island.
See,"Shell / PetroChina Media Release re Offer for Arrow"

On the 23rd there was again another Announcement re the demerger of Dart Energy, saying that we will retain AZO's Shareholding and farm-in agreements in place. Nothing more, and nothing extra either.

Then on the 26th March current, another announcement from AOE stated that the 90% owned AEI (Arrow Energy Internationa), is owned by AOE. Thus where is the other remaining 10% of that venture in China going to go, and who does own that..??? And what about the rest of the International assets...????

All I can tell you mate is, that I am just as confused as you are on this issue. Because, besides all of the changing in substantial holdings announcements which occurred on a regular basis from that time onwards, there hasn't been any other announcements in regard to the T/O.

As such, it is my opinion, that all we have heard to date about what we will own with Dart after the T/O is fully completed, (if and when it will occur), is only media speculations and someone else's ideas and assumptions that were posted on these threads.
Nothing more,nothing less.
Unless of course I missed something. But I very much doubt that it is the case because I couldn't find anything to prove me wrong.

The part that really got to me, and I have stated this before, is how quickly the Company went from Trading Halt to recommending the T/O in full. From the 19th to the 22nd, lol. Usually it takes weeks before a recommendation is made, and Management usually prolong and continuosly stall the process as much as possible, while trying to get the best and maximum result for all the Shareholders. Why this hasn't been the case with AOE as well, is totally beyond me.

And, most importantly no explanations whatsoever as to why there was such a quick decision made. Let alone an Independent Expert report which is normally the case in any of the T/O that I have been involved with since I first started investing, and accompanied with the Individual Directors reports and its recommendation on how he sees thing and as to why he is recommending that we should accept the T/O.

So, I am sorry to tell you that I am none the wiser. But, as a matter of fact, I can also now confirm that I am more and more convinced that something is not right and smell very fishy to me. Because everything that has been done to date, it hasn't been done in the way that I have been accustomed to.

And, as for what we are going to get with Dart, it is all of an unknown quantity to me. So, I wouldn't put any value at all on that part of the bargain, until we will all know what we will get, in black and white by the company, and after it has been valued by an Indpendent Expert Consultant, through his report.

Yes, we have heard by someone that dart is valued at $2.50 or more per share, but I still would like for that person to buy my entitlements at that price.

And if what we have learnt in posting in HC is to be taken in consideration, one has to watch out for the ones that only come out of the blues when these situations unfold, and telling us all what is good for us. Especially when they don't even own any shares in the company.

Hope this will help.

Good luck mate and have a good weekend.

Buddy