noticed received, page-38

Downey have a good point though in their original letter of concern to awe management. Dated about 6mths ago.

their point went along the lines that awe management rejected two good take over offers in the recent past and the reason given was that the TO offers were, they considered at a too low price.

However awe management hold very few shares in awe. Surely if you though a price was too low you would put your money where you mouth is a buy shares, especially seeing you run the company.

Downey suggests this has not been done as awe directors are just taking salaries and this is their main reason to reject a TO.

Hence Downeys lastest move, this option call.

Downey have a very good point, I feel.