Ann: Independent Expert's Report , page-8

I guess we (I) should have seen this coming, since the initial agreement was not unanimous.

But the investment analysts -- and they do collectively crunch the numbers fairly accurately -- were almost unanimous and generally noisier than usual in concluding that APA should have walked away. They basically said to APA's board: "Don't buy ENV; you're already in the sweet spot without the ownership hassles."

So, Li KS either has knowledge beyond mere mortals, or he and his mates have lost reality. (Given his chicken coop effect on Vancouver's waterfront, I suspect the latter.)

ENV has worrying regulatory headwinds ahead. It won't suffer, but might have limited upside. If APA's board is really keen, they might set a minimum absolute price (e.g. $1.25) so there is less risk than the pure .1919 share swap. But then APA shareholders might get nasty with their board. Better places to invest APA's money.

I hold both APA and ENV shares.