yaq vs db, page-5

stayer

I'm not optimistic at all about $1.20 ... just saying that if ESG was going to sell out before the upgrade and before signing a single GSA then that's a pretty ordinary result for shareholders. Signing some GSA's would have increased the shareprice quite possibly to about the level of the offer or beyond (if it were a large GSA like JP Morgan talked about). The strategy of holding off on signing GSA's made sense ONLY if ESG was going for the big win .. higher gas prices and perhaps LNG pricing and then a takeover from a much higher share price base. This outcome is dismal if it proves to be the final bid. A very POOR result from out board given all the "TALK" of our strategic value.

Therefore I remain hopeful but by no mean confident of a higher offer.

H