The amazingly efficient and competant COE management in their IPM ASX release today:
IPM: Cooper Energy Response to Incremental Targets Statement
and from
the IPM 'Targets Statement' itself.
In part:
“Cooper’s plan for delivering a strong value kick to our fellow shareholders in Incremental is to merge the companies, combine production, diversify portfolio risk and apply our strong cash reserves to the rapid development of the assets of the merged group. “We think this makes sense for Incremental shareholders yet the company’s Board is clinging to the notion it can do this under its own steam. Incremental has admitted in the Target’s Statement that it has net cash of just A$1.3 million but also has funding requirements on the Selmo field alone of US$29.6 million. “That’s not a realistic strategy for adding value within an acceptable timeframe for shareholders, especially in a market environment where Incremental will find it extremely difficult to raise money.”
Please keep up to speed on this issue EL. If you are going to continue to make uninformed statements, you will lose all credibility!!!
COE Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
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