It's a start i guess. will be interesting to see the market...

It's a start i guess. will be interesting to see the market reaction tomorrow.

next frac results will be welcome too.

the thing that scares me, is that with the close relationships between ADI , Arc and AWE - long term shareholders could be being set-up to be shut out by both both companies.

the cap raising at 26c did a good job of temporarily depressing the sp.... then lo and behold, the offer comes from awe (probably in the form of paper aeroplane thrown across the partition!).

Yes the offer has been rejected, but the next one may not be. how do you put a value on the investment of time and the support of long term holders? quick answer might be those things have zero value in the market... but I'm sure the long termers who have waited patiently for what... 3 + years? all the while knowing what is under sugarloaf, and showing faith in the JVP's to get the Oil and gas out of the ground - will those folks be happy with 60c?

... some will for sure, but i expect most will not. whether thats a big enough number of shares to stop the t/o is the squillion dollar question!