Well why would Glencore (or Greenstone) accept OZL's offer straight up? Especially if they knew that BR and Appian were already on side. I know I wouldn't give up an 8% or larger stake easily under those circumstances.
Also, if Blackrock did scheme all this with the intention of having Avanco accumulate and develop a bunch of projects so as they could then roll it all under one larger well funded umbrella. Would OZL have been the only suitor that this proposal was presented to?
Does Glencore have a desire to own more OZL shares?
Does Greenstone want OZL shares?
Were management forced into supporting the deal?
Does management think that as things are they have little hope of bringing all the projects on line in a timely manner?
I tell you what, if this deal does go through and then the flood of announcements regarding Centro approvals, Azevedo, AN under pit etc.. comes through the following week, I will not be a happy camper! Unless the news is all bad.
So many possibilities but unfortunately we retail investors simply don't have the info we need to make a knowledgable informed view on the matter.
AVB Price at posting:
15.5¢ Sentiment: Hold Disclosure: Held
