bidders statement, page-18

Re the AWE offer, I still say that they had to get the ball rolling with some figure and that to launch an offer at a level that might have won them some shares BEFORE ADI could put out a defence would have a pretty rank smell about it given that AWE is probably in a better position to judge the true worth of ADI and, even if not, would appear to be in that position.

I'm not in favour of any offer but I can see the benefits to their balance sheet being able to consolidate the O&G reserves (and to the P&L account, the full profits).

The fact that they now want to consolidate these must be a good indicator of the potential. They currently hold ADI as an associate.

So wait for the Target Statement, hold or accumulate, that's my feeling. And good luck - we definitely deserve some.