bidders statement, page-5

it didnt tell me why it would be better for AWE to own it all and develop it as opposed to ADI..

it didnt demonstrate how the adi would never achieve any further value, we have seen hartleys give valuations of 133 cents after the appraisals and i have seen valuations on AUT of 100 cents prior to the AWE offer of .40 for adi.. which says to me adi was short term more likely than not lead in that direction..

AWE have said they were buying on market 3 days prior to the bid, which indicates how unsure they were of the offer.. they only picked up a handful of shares, but it emphasises how little confidence they had in their bid..

8. Sources of Cash Consideration

The total amount that AEL would be required to pay for Adelphi Shares under the Offers if AEL acquires all of the Adelphi Shares in which it does not already have a Relevant Interest, assuming that none of the Options are exercised, is $44,828,338.80 plus brokerage.

The total amount that AEL would be required to pay for Adelphi Shares under the Offers if AEL acquires all of the
Adelphi Shares in which it does not have a relevant interest, assuming that all of the Options are exercised and the resulting Adelphi Shares are sold into the Offer is, $47,228,338.80 plus brokerage.


AWE fail to add that thy get 9 million in cash.. plus all the ill gotten gains of cash from 6 producing wells free carried..

hmmmm


why not mention that?