Interesting to see LGL knocked back the bid by Newcrest on the basis that it was too low. Did not do any harm to the SP which went up almost $1.00. Will be keen to see if NEwcrest increase their offer significantly.
Its fairly obvious that the Arrow directors accepted Shell's bid on the basis that the directors get to sell out at a very healthy profit and get to all keep their jobs on a fat salary with lots of options with the new spin-off company in Dart Energy. My feeling is that the decision was not made with the shareholder's interest at heart but rather on personal greed and the belief that they can do an Arrow all over again with Dart Energy.
As a shareholder I will not be voting in favour of the offer as it currently stands.
AOE Price at posting:
$5.07 Sentiment: None Disclosure: Held
