re: Ann: AEL's Increased 42 cent offer fo... For what its worth...

re: Ann: AEL's Increased 42 cent offer fo... For what its worth - here is the guts of my ASIC complaint: After listing the parties involved etc.

At a time when ADI is rapidly being de-risked by
successful oil/gas exploration in Texas:
17/05/2010 -AWE (a major shareholder at around 33%) made an
unconditional on market offer of 40c for all ADI shares.
19/05/2010 - ADI board recommend 'take no action' to
shareholders.
31/05/2010 - ADI board release their target
statement, valueing ADI at ~ 61c per share, and state that
the AWE offer is NEITHER FAIR NOR REASONABLE.
21/06/2010 - AWE release final offer of 42c per ADI
share.
21/06/2010 - ADI board release advice that AWE
is likely to gain control of ADI, remove directors and
apparently delist it. They recommend selling to AWE
to avoid becoming minority shareholders in an AWE
cintrolled Adelphi energy.

All the while - ADI's sugarloaf
oil/gas prospects in Texas are showing improving results
and the project is becoming more valuable week by week
as it is de-risked. The takeover by AWE is opportunistic
and a fine example of corporate players being allowed
to 'shaft' smaller shareholders many of whom have been
long term holders, researching and waiting patiently for
sugarloaf to 'come good'. And now that it is absolutely
clear that the prospect is going to be successful - those
same small and faithful shareholders are allowed to
shafted by the corporate player - AWE, who will in
effect be allowed to steal the future profits of those
shareholders.
Part of the problem here is the very close
business relationship between ADI, AWE and the former
ARC energy which was the original parent company of
ADI and later merged with AWE. ADI and AWE are
believed to share office space and admin staff in their
perth offices which opens all kinds of opportunities for
inside information and collusion between the parties.

A major question that needs to be asked is why would the
ADI board capitulate to an offer of 42 c per share, when
they had previously stated that 40c per share was neither
fair nor reasonable, and the own targets statement valued
ADI at 61c per share?
Another question is the reasoning
of the ADI board behind the the suspiciously low priced
recent capital raising of ADI (at 25c ?) - which had
effectively capped the ADI share price, allowed AWE to
first increase their holding at a VERY low price, and then
given the opportunity to AWE to make a further very low
offer of 40c per share.

All of these conflicting decisions and actions by the ADI and AWE boards seem very suspicious to me and in my opinion should be investigated by ASIC or other relevant authorities. Possible breaches would range from non-disclosure or partisan disclosure
of sensitive information to not acting in the best interests
of shareholders on numerous occasions, to potential
corporate fraud. - regards..blahblah

... not that i expect it will have any effect what-so-ever.