arc energy to offer 1.175 shares for each anzo, page-8

chris,

Held my BPT since 36c (years ago - when they just had a few paddocks out in the desert).

Bought my AZA when they had their weather-related equipment failure in the middle of the year and the market stupidly marked them down to 87c.

Sold them at $1.50 (which seemed overvalued to me at the time - oh, well) after they announced there were suitors sniffing around.

The premium they've been trading at derived from two sources:-

(a) Takeover speculation; and
(b) NXS buying up shares like there was no tomorrow.

Both are now gone - reality sets in.

ARQ market cap is around $500m. They're paying $700m for their takeover target.

That's a far bigger bet than Eric's Canning Basin play...and, I'm not prepared to play.

If, after all is said and done, the shares come back to $1.10 to $1.20 (diluted basis), I'll consider it again. Until then, you can have it, boys and girls.