non binding conditional proposal, page-19

My gut says we will see a revised offer higher than $1.48 but significantly lower than holders expectations.

Whether the board recommends a higher offer or not only time will tell, I certainly wouldn't rule it out.

I also believe there would already be a reasonable amount of scrip that Shell/Petrochina can get there hands on around the current offer price, and then you have the willing sellers who feel jaded enough by the delays in this story and the general market malaise that they will hand scrip over cheap over the next few days.

Interesting times.