refuse 1.48 but recommend 1.52, page-5

i think that's right.

BOW has been on the informally market for several years imho.

Now it is FORMALLY on the market.

the really important stuff here is the info

"Following receipt of the unsolicited, indicative, non?]binding and conditional proposal from Arrow
announced on 22 August 2011, the Bow Board has carefully assessed Arrow?fs proposal, as well as other potential strategic initiatives to maximise value for Bow shareholders in conjunction with its advisors Merrill Lynch and Wilson HTM.

Chairman of Bow Energy, Mr Howard Stack, said; ?gThe Board has completed a thorough review of
Bow?fs options to maximise shareholder value that included Bow remaining an independent ASX
listed company and further developing its assets, introducing joint venture partners and change of
control transactions.?h

?gThe conclusion the Board reached is that a change of control transaction with a large cash takeover
premium is in shareholders?f best interests and allows for the crystallisation of Bow Energy?fs long
term value proposition without needing to address risks associated with the funding and execution
of our development plans.?h

so they have looked at alternatives, and made the decision that a sale is the best option.

so now its a question of getting the best price.

this agreement with Shell is all or nothing.

IF there are any other interested parties, then they need to put an offer forward now.

AND the BOW Board has left the door open!

there very much is the opportunity of another bidder emerging.

timing and price is the issue.

cheers