offer rules, page-7

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"Adelphi has appointed the following key advisors to assist in responding to the Offer:
? Hartleys Limited has been appointed as Corporate Advisor to Adelphi to take the lead role in advising Adelphi in responding to the unsolicited takeover offer from AWE;

? Cochrane Lishman Carson Luscombe has been appointed to the role of Legal Advisor;

? PriceWaterhouseCoopers Securities Ltd has been appointed to the role of Independent Expert; and

? RISC Pty Ltd, an independent technical specialist, has been engaged to provide a technical valuation of Adelphi?s assets, in particular the Sugarloaf Project.

Adelphi will respond to the Offer in its Target Statement which will analyse the proposal from AWE and provide a recommendation to shareholders. The Target Statement will include an Independent Expert?s Report and a Technical Report valuing Adelphi?s assets. The Independent Expert will provide shareholders with an independent view of whether the Offer is fair and reasonable. The Target Statement will be issued by no later than 31 May 2010."

I could not find this from the ASX company announcements. They are certainly bringing out the big guns to counter the offer or to get an increase in the price. This is a cost that will deplete the cash funds available. It had better be worthwhile.

I am now down to 1,000,000 ADI that are not for sale and not for available for swap trades. They are there to vote against the takeover.

Remember "united we stand, divided we fall".

The reply from AWE regarding a share swap with AWE has been "not interested".