Please don't interpret this as a cross-promote. It...

Please don't interpret this as a cross-promote. It isn't.

Currently, there is only a very inadequate offer on the table for Arrow. So talk of where the money is going next is perhaps a little premature.

Based on the current low-ball offer, the money won't be going anywhere!

But to suggest that the money will be going into BOW...

How many lots of, say $8 billion dollars, can you fit into a $300m company? BOW isn't a 'tardis'! :)

The money, if freed up, with be scattered far and wide. And BOW will be one of the recipients.

But by volumes, of the money to stay in the CSG sector, clearly the most will go to ESG. Just a question of relative sizes.

Y

disclosure: hold a relatively small amount of AOE. Hold many more ESG