takeover - directors please stand up, page-58

John,

I'm not expecting any announcements.

If AWE is prohibited from paying more than the offer price for market purchases, it would be extraordinary if they could buy shares at 40c or less.

The Hartleys short-term price target was 45cents and they went to press with that figure on 26th March on the back of 30 day flow rates from Kennedy and Weston.

At the very least, they now have Easley & Morgan, especially Morgan. We might even see them come back with a revision to 70c.

I don't personally think that this offer can be taken seriously. They want to see ADI's defence and the market reaction to that.