Gday Maverick,
long time no hear. To add some context to the pre-sunk QGC takeover, not only was it shorted, but it was at the peak of the GFC. Also, Cottee had come out but a few weeks beforehand and said no takeover was happening.
There are always reasons for a companies behaviors. I would hazard a guess that Richard thought the most value in staying the course and executing their business strategy. Much the same way that I hope DC is aiming to run things.
Something also interesting at the time was a perceived delay on reserve results from the SHGs Atria field. The 'metric' that SHG went for looked pretty reasonable, but I am sure including the results for Atria (should they have been available at the time) then the 'metric' would have been pretty poor. SHGs deal from QGC had a better scrip component that valued QGC at $3.85(?) and accordingly SHG at $2.80....so... because QGC went for $5.75, that means that SHG actually went for (5.75/3.85)*2.80 = $4.18, or a 50% premium on the premium they were offered by QGC...or something like that (pretty vague on thte numbers sorry-probably wrong as they are from a shaky memory).
So the point here is, it is conceivable that a delay in reserve results could favour the appraisal of a deal.
cheers,
SF
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