I think you are right on the mark, Glorieux. The first offer I expect to be a fair price but as low as they can be. Why lowball it and attract competition? Besides, lowballing would not cause the board to support your bid. The offer becomes a hostile effort. I'm sure AE and the board are preparred for something like this. ZEN is too attractive for fooling around. The first offer will be a serious one and after negotiations with Management so the bidder has some idea what they may have to pay. I also do not think any offer is coming before all the information from the PEA is out, and some time elapsed while they confirm the numbers.

I expect it to be a happy time with lots of excitement with numbers that are going to surprise most of you.

Best of all, AE and the BOD know what the value they have is and they will develop it themselves if a fair and reasonable offer does not persuade them to sell.

In the meantime our share price will continue to weaken due to a lack of buyers.