Ann: Recommended acquisition of AWE by Mineral Resources, page-40

With the passage of time, I still don't understand why the BOD have accepted this revised offer from MIN.

The structure of the new deal is inferior to the original MIN proposal in most circumstances, and in particular when the MIN share price is over approx $18.50.

With the MIN share price trading at over $21, the deal is about 9 cents worse per AWE share.

The new deal adds some protection for the MIN downside, but there is plenty of momentum in MIN at present and the whole resource market is moving forward, which makes downside protection currently obsolete.

On current MIN prices, the old offers sees a 95 cent value, against a current share price of 87 and a new offer value of 84 cents. (assuming 100% scrip).

I cant see why the BOD don't see this value gap.

AL