In my recent conversations with management they don't have this...

In my recent conversations with management they don't have this view (ie) that they are backing themselves into a cnr. They are very aware of the implications of this and also understand the mkts concern with the perception of a blocking stake etc. Again, they have a different perspective on this. From a funding perspective this is a far better option than going to the mkt with a discounted CR IMO. As TME posted in his last post - you never know what might come from left field for ADE. Short term it looks boring, but medium / longer term this has legs IMO. Patience required. These are my views only, dyor