waste of money, page-3

bodo288, you could be wisely assuming the obvious -- that the Chan's will vote against the APA acquisition, so the entire process is throwing money away.

But I have an inkling the decision could go either way. As I said earlier, the Chans are ENV directors, not just major shareholder representatives. Therefore, they *might* be considering their legal liability if they oppose a board decision that in hindsight is in shareholders' best interest (most analysts say it is, or at least question APA's TO decision).

Also, the Chans' arguments in the scheme booklet were REALLY flimsy (e.g. APA should have a higher offer because it is less regulated; APA should increase the cash pot because more holders might want out.) These aren't deep arguments, IMO. But the Chan's might vote "no" and that's that.

What would ENV's sp be if the TO vote is "no"? Well, it probably won't be anywhere near $1.27 (today's APA price at .1919 conversion). Analyst consensus price is currently $1.18, and I think most estimates are steady state (don't add in APA buyout). I think there might be an initial downdraft, though, perhaps below $1.10. But who can say?

One last point that I haven't mentioned previously: If the TO proceeds and APA doesn't provide enough cash to cover the Li KS holding, then APA's shares might remain suppressed for a short while as the Chans offload APA shares.