ipm recieves second offer, page-23

Recoop,

I don't bother much with the COE forum now that it has degenerated to playing the player, however I will point out that what you extracted from my IPM post hardly represented enthusiasm for the alternative potential bid, more a recognition of some light at the end of the tunnel.

As for valuation of IPM, well a lot has changed since even when COE launched it's offer. poo way off, oil major sps slashed, general market PEs way down. This all makes COEs 50 cents look MUCH more attractive than it did, but it DOESN'T make COE's script - that of a high risk explorer - look any more attractive.

As usual people have been doing better with the targets shares than with the predators. Had some of you left your emotions aside, rather than bagging me for selling my COE (initially in the 40's, the last out at 26 yesterday), you might have made relative (or even real) gain in this dismal market. I was also able to significantly reduce my IPM position yesterday (at about breakeven, plus divi's).

One of my first observations on the bid was how it would damage COE's sp, that has come to pass, but if successful it could be a tough climb out of the low/mid 20's imho.

Now I will leave you folk to get back to playing anything but the ball. Treat this as my exit post, and any return being under COE duress.

EL