Email forward from Broker -
-----Original Message-----
From: Ozequities [mailto:[email protected]]
Sent: Thursday, 11 August 2011 2:54 PM
Subject: Million/OTTO ENERGY ABOUT TO BID FOR NIDO?
FLASH!
OTTO ENERGY ABOUT TO BID FOR NIDO?
Rumors are rife that Otto Energy is about to make an offer for Nido Petroleum.
Respected analyst Peter Strachan when asked to comment said, "Nido has about 10 million in cash, but would need about $30 million to pay for the development of its stake in the Galoc oil field, with funds difficult to raise in the current climate".
Otto would perhaps have to offer 10c a share, or up to 15c to win Nido shareholders, and would double its holding in the Galoc field.
NDO is currently down .2c to 5.1c on 6.4m shares. It has 1.39 billion shares on issue.
OEL is down .4c to 7.9c on 400,000 shares. At end of last quarter Otto had
$US35.6 million in cash.
Regards,
takeover by otto energy ?
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Last
93.0¢ |
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Mkt cap ! $212.1M | |||
| Open | High | Low | Value | Volume |
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Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 48556 | 89.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 93.0¢ | 54398 | 2 |
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