T5 oil & Gas, page-26

Ropol ................. generally a T/O would start with meetings between the two respective chairmen, if it gets beyond the initial discussions it will mean one of two things, the proposals as discussed in the meetings are deemed to be generally acceptable and negotiations will then proceed to an official offer or the proposals are not acceptable and therefore rejected, if the T/O company continues beyond that point and SH's are sent an offer which would then be considered a hostile T/O; this is where resolution 9 is welcome as it will prevent a partial T/O with, as you stated, the share holders holding 49% and the hostile T/O holding 51% gaining effective control.

On reading the above I guess there could be a third result which would be the T/O company being told after the initial meetings that the offer is un-acceptable and they disappear with their tails between their legs (by the whispers I believe this could have already happened)

Also remember that FARJOY has already stated in his emails to Aqua and kindly posted on HC that, in his opinion, the FAR SP will eventually exceed that of of Santos and I also believe that management have very similar sentiments, this should give us a good idea of exactly the size of the elephants tails the JV are trying to tame!!!!

HKP