Helo,

I think you you are forgetting one important factor. It is all about the money.

Your theory would work and no doubt would be desired by another major if they could pull it off. However we remaining retailers plus the funds like Sprott and others would make no money on such a deal. It is we who ultimately determine if ARU is sold, not them. They know what the percentages are that holders have and would protect themselves accordingly.

While some management did sell shares significantly higher than todays price, that is insignificant compared to the amount of money they would be leaving on the table by accepting this deal. Most of there compensation is tied up in options and for a few of them at a significantly higher price than what this deal is worth at the moment.

When it is all said and done, it is my beleif that Pat may have ended up sacrificing the most in order to get a deal secured for the long term benefit of shareholders. Of course you will have to remain a shareholder to benefit.

Regards,

F.F.