nhc takeover of dart - increased stake, page-22

7,689,724 traded today.
3.7m at closing.
12.5 VWAP.

NHC are very astute.
They have effectively farmed into an additional 8% of Dart for about 15m dollars.

I suspect the prospective farm-in partner will pay much more than that for the UK shale assets alone.

NHC gets exposure to the rest of the portfolio and potential Australian CSG upside for free.

DTE really should be around the 25-35 cents level at the moment... and I think NHC has backed this view with their increased investment.