on verge of reversal? 80c value by hartleys!, page-12

Hi Jeffy and Pixie,
About Nick Farr Jones, I believe unfortunately that Nick's appointment was bad timing. I went to the AGM that was postponed. Sat in the front row and was able to read Nick's expressions. I can tell you he was very unhappy at how the AGM and it's postponement was being handled and in my opinion he was correct. Several institutions wanted to exact a certain amount of bloodletting in that meeting for what has been a huge stuff-up at Lorraine. 30 million plus shares were going to voted against the company for all resolutions not just Nick's appointment.

The main problem was the Lorraine well. That well needed to be successful and to place a pump in the wrong position was pretty poor management.

I haven't bought any more yet but I am getting pretty close to buying more. Have been thinking about AOE's statements on europe. Let's imagine that they had looked at EPG's books. This would have been done under escrow conditions ie you can look but cannot make a takeover attempt for 6 months. This probably makes sense that they are looking but are not doing anything. If I was a director of Arrow why would you go joint venture paying 40 or 50 million for half share in Lorraine when you can buy the whole company for the same amount or less! Hence no action for now. So if I was guessing at when something is likley to happen it will be post July for sure. If Arrow do make a bid as long as it was a scrip bid at a reasonable swap rate I would be interested.

Still a good horse just underfed with the wrong jockey


cheers Icharus