H it appears as if FJ sold about 14m shares it held in WSP to fund entry into FAR. Just looking at the share holdings in that company show a reduction from about 15.5m to approx 1.5m and from memory the share price was around $2.50 (and dropping due to coal exp). A huge leap of faith?
A very good investment...(in my books anyway) because I was accumulating at the same time.
We can never be sure of the finances of our largest SH and whether they have the capacity to trump up at CR to maintain their 10% blocking stake and I for one wouldnt count on it ( I could be wrong and he would probably already have the mother of all war-chests).
But, if necessary, we could however get some of our larger investors from this forum to hold hands with Tim if it came down to it. I have suggested that once before. I wonder how open he would be to meetings...perhaps organised thru the Aqua and friends consortium
. This baby will need lots of $$$ post appraisal. Of that we are all agreed!
Takeover talk is the greatest ramping tool around and what better way to get that trading spike before sell down in the lag time approaching the much awaited CR/Consolidation. (thinking here about someone posting that ""Chevron was active"" followed up by someone posting ""where there is smoke there is fire""....yeah right!)
Phillip knows boardroom etiquette and has given his thoughts and I wholeheartedly agree. There will be lots of backroom banter before a TO gets any light of day.
On what FAR is worth...well I think the brokers are close to the money..I.E....
SNE our 50m barrels 17c (up that by 50% for Caths "watch this space") equals 25c
All the rest....about 10c for a total of 35c
Add the blue sky premium...( well that depends on who knows what and will the geo-books be opened for any suitors???) I dont think that the JV agreements will allow ..
So at the moment we could be anywhere from 35c to say 50c at present...but wait till the seismic/drill-hole corrections are completed and it could be a whole different ballgame...furthermore wait till the appraisals are completed and I think Tim (and all of us) will be looking at $1 something.
YA...I'm a glass half full sort of person.....I see BEER as being its own complete delta fan (with the stacks on top) and full of thick sand traps and I also see the perimeter of this field remaining very...VERY large. The grand-dady BULL elephant in our herd.
(20min delay)