when arrow rejects the offer, page-3

Greggy,

Together with an offer to buy a whole lot more at a price discounted to the offer. There will need to be a prospectus with a rights issue, possibly one of the reasons we have not yet had the rts issue. They will also no doubt be providing us with an independent valuation with whatever recommendation they make on the offer.

I wish they'd just ask shareholders for $0.5 bn, $1.0 bn or whatever they need in equity now while the sp is better, but they can't just do that, esp now.

EL