I believe that the board in total own around 25 million odd shares, probably around 6 per cent it depends on the other top twenty and the small shareholders.
Agree BPT want 100% otherwise they could have made an offer to ADE on its 10 & 20% of PEL218 AND ATP855 and left ADE as a small but cashed up explorer.
BPT is looking at a cheap tenement and asset grab ie the Cooper, Otway, Maryborough basin, the gas plant and the gas storage facilities. You only need read the posts on here about how much BPT shareholders love this added cheap value.
BPT probably thought the could strategically grab control of ADE through SNE, but obviously that failed, so then attempted the buy on the pre text of being a friend to ADE.
When the shareholders saw that it was not such a friendly beast by knocking back their options, they decided that the only option was to move on ADE in a hostile manner.
First strategic move to gain control of walkers shares to give the market the feeling that a massive sell off the shares by shareholders was occurring, realty only 5.7 of the shareholders took the bait.
The next move really is by the ADE board and shareholders.
The board has asked shareholders to hold on until they provide further details on the true value of the company, this will be answered by how shareholders react to this message in trading over the next few days.
The ADE board need now to get on to the front foot as BPT has played their cards there on the table for all to see, BPT for now can only sit back and watch what unfolds, the question is can ADE trump them?
ADE Price at posting:
20.0¢ Sentiment: None Disclosure: Held
