AWE Alternatives, page-12

If you have owned AWE for more than a few years you will know how much shareholders equity
They have flushed down holes especially their NZ ventures.

The bidder knows shareholders want an exit

Their offer at 73cps a 36.8% premium to the 30d VWAP
Is consistent with successfull takeover history

Problem I see is that their conditions make it Easy for the AWE board to thwart it
Why would they do so?
CERCG rightly points out that in the past 4 years two bids have not been presented to Sh


with the sp equal to the bid it shows that they are hoovering up shares on market

You could sell out on Monday - some or all shares
Could keep some just in case a higher offer comes in

Their estimate of potential Waitsia 2P of 500pj is a surprise to me
Why would they point that out to Sh. To illustrate that management hasn't evaluated it properly?
Or that they can monetise that amount so are a player.

Alternative would be BPT throwing a Scrip bid in the ring at $1 equivalent
Might cause a response from CERCG or they walk away again

You have to wonder why the board is not keen to get AWE sold at a premium to the underwhelming sp so far.
The Risks raised by CERCG are valid imo and rather than us be exposed give them to CERCG at the premium they offer