delusions of takeovers, page-7

Note the slight change of emphasis in the wording in the Qtrly.

5 March 2013

"The WestSide Board has decided to bring this process to a conclusion in the near term."

QUARTER ENDING 31 MARCH 2013

"Board announces steering indicative takeover process toward conclusion in the near term"

"WestSide subsequently announced on March 5 2013, that the Board had decided to bring the process to a conclusion in the near term. The Board is working to conclude the process as soon as possible and will keep the market informed of any material developments."

So to me that says:
1. some sort of deal is still alive. We know that negotiations have not been terminated because WCL would be obliged to announce that to the ASX. So based on the use of the word "steering", (and it would be a deliberate choice of word), it seems like WCL is still actively working with the un-named party to get a conclusion in the best interests of s/h ie an Offer.

2. the other change is the wording from "conclusion in the near term", to "conclude as soon as possible". To me that says forget "near-term" means weeks not months - to me thats says WCL will keep "steering" the process/negotiations until they get a definitive response from the un-named party.
"Steering" to me means being proactive with buyer, such as answering their questions, providing data, continually updating them on progress, assisting with Govt approvals etc, negotiating and assisting in questions and negotiations with J/V parties, contractors, engineers etc, etc.

And it would also involve absolutely retaining confidentialy - and WCL has been almost obsessive in ensuring that no leaks come from WCL. remember at the AGM it was explicitly pointed out that NO questions would be entertained re the identity of Proposer.

If it takes more than two months, well WCL is to persevere.

Frankly, whilst it is so frustrating for us s/h being kept in the dark, we are still better off with a sensible offer than none at all. To develop the Meridien Field will cost many $m, which must come from somewhere, and surely would involve some sort of CR.

As we all on HC have said before, the reasons why a deal between LNG, Petrochina (with its announced Gas Supply Memorandum with LNG, its proposed Tolling Agreement, its purchase of Mungi field next door, it's mothballing of production in that field (see Qtrly) and WCL and Mitsui, all still make sense.
In fact, as time has progressed, it makes even more sense.

Whilst the market seems to have decided that a T/O will not eventuate, it ain't over till the Fat Lady sings imho.

cheers