proposed roc takeover, page-9

Had a look at a British share forum and there is some disention with AEL shareholders on the proposed Merger/Takeover. AEL's price has also been hammered since the takeover bid and the premium is no longer there.
If AZA are so desperate to create value for shareholders they should:
(1)stick to the BMG field and develop in a organised manner (what they seem to be doing anyway)
(2)create and announce a dividend policy set at a percentage of there annual profit - with current P/E significantly less than 10 this would see an immediate rerating of their shareprice.
If AZA are so keen to diversify why not consider some of the small cap oilers with a good storey eg KEY petroleum (Mcap $25m) with their undervalued gas and acreage assets in Africa.
Why tie up with ROC with there small fields, smaller P2 reserves, poor hedge position and in debt.
Hopefully the directors will make the right decisions but this is not always the way - quite often it is self interest that seems to motivate.