Being a BOW holder I can feel some empathy for ADE holders as we...

Being a BOW holder I can feel some empathy for ADE holders as we are both being shafted although in different ways.

Both offers seriously undervalue the assets of the companies although there is a remote possibility a higher bid might come in for BOW. Unfortunately, consolidation in the Cooper basin looks to be a fact of life with mergers and takeovers a regular occurrence. This takeover shows just how many investors were in for a quick buck. Most have taken the money and will be now trying to pick what the next 10 bagger might be.

I hold Beach who are positioning themselves into a major Shale gas player in the Cooper. And to put things in perspective, this takeover is like Beach being taken over for $2.00, approx. which would be shock and horror to long term Beach holders, as we think we are worth at least $3.00. So you can forget about the NPV and 3p and 2p reserves because when it comes to a low ball offer people usually forget about asset value and take the money.