The Directors + Associates will hold their shares for 7 days but...

The Directors + Associates will hold their shares for 7 days but other shareholders may not.

The risk for AOE is that the BG acceptance paperwork will be sent with the Directors recommendation early next week.

This offer is unconditional so once the shareholder accepts BG owns the shares.

If BG can get just 10% acceptances it will own 20% of the stock. This removes the capital gains tax rollover relief that is an important element of the AOE share component of the AOE offer.

The best option for AOE is to declare its position before the market opens Monday. There is no gain in delaying till Wednesday.