why on earth would the directors accept an offer of 50c now, when: - back in Feb they said the offer of 53c (on a diluted basis) was too low? - and when we have since almost doubled 3P reserves? - when at the time of the first Indic Proposal domestic gas prices were projected to be $6-$8/gj in 2015, but are now projected to be $7-$9/gj ? - and now when domestic gas users are screaming for gas and are saying no suppliers will talk to them about L/T gas contracts - and when the big LNG plants are short gas, and there is no ramp up gas available - and when Petro buys the MPO block next door, but has no one to get the gas out of the ground?
the Board will have to weigh-up all these issues in their decision, and they all have big shareholdings, so they will not succumb to a cheap offer imho.
s/h will scream blue murder if they accept an offer below or anywhere near that first 53c level.
WCL Price at posting:
38.5¢ Sentiment: None Disclosure: Held
