d & c counter offer by 2/10, page-19

A bit of new info in Financial Report. Date moved to 6th October (company stated 2nd October previously), Strike reckon D&C unlikely to beat offer plus coal negotiations.

Appears Strike will move to 100% in October.


"Likely Developments and Expected Results of Operations

By the end of the year Strike had given D&C Group a notice triggering the “shootout” process under the
Settlement Agreement. On or about 6 August 2012, the Company gave notice to D&C Group of its shootout price,
which gave an implied value of US$37m. By 6 October 2012 D&C Group must either provide a superior offer to
Strike or accept the offer Strike has made. As a result one party will acquire the other party’s AF shares and pay
out the debt that AF owns it within 30 days and this will move to 100% of AF. Strike believes it has made a
superior offer, and that it is unlikely D&C Group will beat it.
The Company has been in negotiations with its Indonesian partner to settle a long standing dispute. The current
status of negotiations is a proposed settlement, where Strike will sell the land, data, reports and rights in relation
to the Berau Thermal Coal Project. At the time of writing no documents had been executed, however, Strike was
hopeful that this transaction would complete in the short term."