and they WILL want 100% if they can get it.so I cannot see Beach...

and they WILL want 100% if they can get it.
so I cannot see Beach withdrawing whilst they have any chance of picking up more shares.

earlier i mentioned some of the reasons why Beach would want to consolidate ADE, and ICN, but another one for the list.

If BPT do go over the 50% level, they will take control of the Board.

They can then dictate to ADE what the direction ADE will take.

BUT - even if BPT controls the Board of ADE, each director of ADE MUST work for the benefit of ADE and ALL of its S/H!

thats a big issue imho.

Because if BPT are operating the ATP855 field for example, and say BPT want to drill a well (or whatever), and IF they need the consent of the J/V, then they need to get ICN and ADE to agree.

So, BPT only directly holds 40%. So if ICN and ADE don't agree, then BPT has a problem.

Whilst a decision may be good for BPT, it might not be good for ADE eg if it means ADE has to raise capital at a really poor price. In that event, the Board of ADE must act in the interests of ALL s/h of ADE. There are probably better examples than that one.

So from a corp governance and legal aspect, it would be way way preferable for BPT to get to 100% and thus not withdraw the bid.
Of course they will get to a point where there are simply no more sellers on market at the 20c level.

they WILL need to deal with the directors at some stage.
Pnce the directors roll over and accept, as they eventually will, then last one out just needs to turn out the lights.

cheers