read well - latest announcement, page-51

"in order to justify their delisting of ADE, they will crap on that its too costly with compliance costs, ASX fees etc. "

Jake, I wrote a few time in the past that BPT would have big headaches if the T/O is not successfull in them gaining the magic figure of 90% to enforce compulsory acquisition.

Compliance costs would prove to be prohibitive, especially when they would have to be running ADE as a totally different and separate entity. Plus of course all the Executives (again separate than BPT) and the Board with Independent Directors that would have to look after the interests of the smaller/minority investors. A requisition of ASIC from what I know.

And I believe that they will try to scream fowl play, no doubts about it, but IMO they can scream and crap on as much as they like to try and convince ASIC to let them delist ADE, but the first thing that ASIC would do, would be to refer them to the Corporation Law.

Depending on the percentage amount of shareholders that are left, ASIC would not enforce the delisting of ADE until they are satisfied that the remaining investors will be looked after properly. It may even be that what I posted the other day about Cliffs making another bid to get the rest on the 15% investors out, will repeat itself here again.

Why do you think that now BPT has now come out with a letter from it's Chairman in order to convince more ADE shareholders to sell their shares, while instilling more confusions and fear that they will loose out in value if they don't and being diluted?? If we are to be diluted won't BPT get diluted as well ?? And what about the Independent Directors. Will they vote for something that they know it will hurt the minority investors, and run the risk of prosecution if they were to be caught out by ASIC ??

Read that announcement properly and thoroughly and you will se what I mean. Desperation mode if you ask me.

Let's hope that no more investors will fall for that and hold at least until the expiry date of the offer, or when the Board will tell us otherwise. It is as safe as money in the Bank for me.

IMO they (BPT) know that the ADE Board and Executives aren't selling as yet, and that they will be waiting for the IER before deciding, and BPT are very worried about that. Besides ADE's board are waiting for BPT to pass on more results of their drillings. They can't refuse doing it..

Don't also forget that the longer this saga will drag on, the more it is going to cost to BPT. The Legal fees will accrue, so will the Broker's fees, and everything else that goes along with a T/O. And they wouldn't like that. Especially when they would have to start using that loan they have arranged and paying interests for it.

I will wait for the Board advice.

Regards