Ann: CERCG Announces Intention to Make Takeover Offer for AWE, page-6

with a 50% minimum acceptance condition, this offer doesn't need much more to be interesting.

My worry is some of the conditions. It may restrict the business a bit if this extends out for a while and in the normal course of business, these conditions will be hard to comply with. I am sure they will laugh at Condition H), as it is highly unusual to force this. As a shareholder I want the best defense possible and that will cost more than that number which equates to about 1% of market cap. I am pretty sure that the current mandate would be for more than that.

My view is that this is the first offer only and others will be forthcoming. It is hard to see AWE control not passing in the next 6 months from this point.

Cheers, AL