re: Ann: Shareholder Newsletter - March Quart...
If you guys were real estate agents you'd make very poor salesman. The idea is to start high and get the buyer thinking he is getting a bargain when you meet them in the middle, not reveal your hand as a highly motivated seller and then stall and play games hoping for a second bidder. That can blow up in your face and all wind up with is 53c or maybe a sweetener at 58 or something.
It is not about being greedy, it is about getting a reasonable price for the company and 53 isn't even close. If you want this to turn out like it did for ESG then your strategy of soliciting any bid for the sake of gettng something on the table, well in the end you only get a mediocre result.
WCL is in a good position with a strong hand so why give the game away cheaply. It's one of the only companies left with significant gas reserves, sufficient funding to move forward, good management and sooner or later someone will sign either a juicy offtake deal which will get the share price up to where I think it should be, or an opportunist will try to snavel their 260 pj of 2p for $1.50 a gj knowing they can put it through their LNG plant and get $8 gj.
Anyway, it matters not what we think ulitmately. I do feel however that management are going about this the right way by waiting for LNG to come around while they demonstrate they are bringing new wells on stream.
WCL Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
