aoe mgt will be laughing , page-10

Chris,

But the cash component itself is being discounted, cash in August (maybe) isn't worth cash now.

Also I would point out that the recommendation of this proposal as of today effectively destroys and FL gas monetisation path and thereby diminishes the standalone value of Arrow. Will we want to hold an Arrow sans FL, with Shell refraining from doing a Curtis Island supply deal with us.

It will be this or a competing bid, not an independent Arrow.

Anyway you can be pretty sure most insto's will sell to this or any better offer, but WILL NOT hold for long term value. They want the performance fees/bonuses now, they don't want to leave them on the table for someone else in 5 years, long after they've moved jobs/companies.

This is the beginning of the end.

My sentiment is now HOLD.

EL