While Farjoy can prevent a compulsory acquisiton which requires 90% of shares, a committed buyer may simply buy a majority stake to assume control. Farjoy's blocking stake is more inconvenience than deal breaker. Should Comoco and/or Cairn bid, they could perhaps offer a 60% premium and I and perhaps 80% of shareholder would accept. They control the asset and operation, so FAR is only a sleeping partner now - the bidder need not fear the business unravelling.
At that point the ASX may ask FAR to delist.
Not ideal for anyone, but it highlights that a blocking stake is not a big deal when this is just a non operating shell.
I think however that Conoco has been very kind already, in swallowing cost over runs, so appears to value its reputation as a good company to work with, and not a predator. With that said, I give FAR 12 months. Once 2P gets close unofficially, if results are good, FAR will be a better investment than spending on exploration. I would happily take 15c+.
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Last
49.5¢ |
Change
0.005(1.02%) |
Mkt cap ! $45.74M |
Open | High | Low | Value | Volume |
49.0¢ | 49.5¢ | 49.0¢ | $4.017K | 8.162K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 19637 | 49.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
50.0¢ | 14177 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 19637 | 0.490 |
2 | 30000 | 0.485 |
4 | 89930 | 0.480 |
2 | 70000 | 0.475 |
2 | 78150 | 0.470 |
Price($) | Vol. | No. |
---|---|---|
0.500 | 14177 | 3 |
0.505 | 11981 | 2 |
0.510 | 129688 | 3 |
0.515 | 2239 | 1 |
0.520 | 79910 | 2 |
Last trade - 13.40pm 26/07/2024 (20 minute delay) ? |
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FAR (ASX) Chart |