Adler - comment

We said before: if you can pay 97c, you can pay par. We suspect that of the €69.5m tendered amount, €63 came from ARE’s own holdings, representing a cash injection from ADJ into ARE and leaving only €6.5m that have taken up the offer. Just guessing. Another question we are pondering is what ARE will do with the money. We have some ideas of course, but do call to discuss.