Ann: Target Statement in Response to Drillsearch Offer, page-8

Look, I realise you are DLS shareholders, but in what world would you accept an 68% premium over a 91% premium. Even allowing 10% for an (imaginary) risk differential and transactions costs for getting rid of US registered shares, there's still a 13% differential. Can you seriously say you'd give away on a guaranteed 13-23% in return for speculative capital gains on DLS in the future. I should also point out that Magnum shares can go up too, and DLS shares down!