Ann: AEL's Increased 42 cent offer for Adelph, page-33

re: Ann: AEL's Increased 42 cent offer fo... I tried to click on AWE directors' profiles and Firfox reported an unexpected error.

So right! Perhaps it was being updated by head office down below.

I read the ADI directors' response as saying that AWE is going to bulldoze the minority out of the way as soon as it has bare control, which requires them to acquire only 25% of the shares held by the public.

The directors have not committed yet - there is a proviso reference to a superior offer but don't hold your breath.

I don't understand the 21% figure as I don't recall seeing anything like that disclosed. That's about 34 million. On many days volume reported has been in hundreds of thousands.

The fault lies with the ASX and takeover panel rules. It is the prospective de-listing and oppression of the minority that is forcing holders to consider selling at an undervalue. The new appointees to the board will be answerable to AWE shareholders except where misfeasance can be proved.

Political lobbying (sack the Takeover Panel, for instance) might improve protection for the future but I can't see what can be done to help the present situation.

If I get an intelligible response from the ASX, I'll post it. I expect something to the effect that it's not their fault etc etc.