So, beach is threatening that we will be in limbo by holding on...

So, beach is threatening that we will be in limbo by holding on and unable to raise money. Lets look at the current scenario.

shares on issue 424 million

lets assume we need to raise 212 million for our share of costs (for sake of ease) - 50 cents/share.

Now, prior to the takeover, if ADE had to raise it from the shareholders, excluding beach 20%, one could expect that maybe 50% of regular shareholders would take up commitment, so raising 60% of required and 40% would go elsewhere, causing dilution.

Instead, what has happened? Beach has taken up 65% currently, and lets suggest they will get to 80%. Now, using the same thought process, 80% is now 100% funded by beach at zero dilution and assuming 50% of the remaining is taken up, only 10% additional would be raised outside, resulting in a significant reduction in personal dilution.

In fact, one could suggest, that the take up would be even higher in this case, as of the 50% of the people who would not have taken up in the first scenario have already sold, and the remaining 20% are fully commited to the tenemant, therefore, 100% raised by the 20% remaining non beach holders. - no dilution.

All i know is i will still hold the same percentage in ADE's tenemants if Beach doesn't compulsory aquire my holding. I know the tenemant is under valued. I'm happy to pay my way to a higher valuation, especially now that i know that ADE's costs are at least 65% funded prior to any attempt to raise capital for costs.

If anything, i hope they get to 89.9%