Ann: Letter to shareholders re Arrow Proposal , page-6

says nothing new - but says a lot!

there's something afoot here.

so they have not rejected the offer - they are still assessing it.
but they talk up the positives of BOW.

I guess it could be typical negotiating tactic to play hard to get, but i think there is more to it.

note they said it was an "UNSOLICITED proposal". they did not have to say that - but they did.

Salty - we hear what you say wrt ML.
No matter who you ask, they will say to you that the ML division which trades/brokers/custodianship/whatever is independent of the oorporate advisory side ie CHINESE WALLS. so a good bet one would get nowhere on that score.

I am thinking that ML has been appointed to look after the international aspects of any proposal, and WIlsons the local aspects.

what sticks out is the reference to "other strategic initiatives".
didn't a paper say that BOW was in discussions with a farmin party, and/or equity provider?

the most telling wording is that BOW will "assess Arrow?s non-binding conditional Proposal in the context of the other strategic opportunities available to the Company.."

ie "in the context of other strategic opportunities"

so, imho they are saying:
1. TAKE NO ACTION - THEY (BOW) highlight that phrase and type it in BOLD ! (they cannot be more forthright.
2. there are other strategic opportunities on the go. ergo farmin, sale equity , GSA etc etc.

and they highlight that BOW is quite happy to go it alone, plenty of cash, and is happy to keep on with its plan to prove up reserves - IE it is not ready to sell yet (unless its arm is twisted very hard!)

more action coming.

cheers