I don't believe issue of more equity would be for the Apache deal done, as the good doc was very clear about being comfortable with debt protected with poo derivatives. However someone posted some stuff on SS yesterday, indicating that ROC was bidding (ROC bidding unusual!) for the other 24%, with bids closing today. Could indicate that ROC like what they've seen since aquiring. JD does not like competing in auctions. I believe (hunch only) they have a lot more they are trying to get into, maybe China, maybe West Africa?
Regardless, on past performance JD will not undersell us. The 2004 rts issue was fair but depressed the sp terribly, and since then all capital raising from outsiders has been at a good price. At current sp I'd say he'd have to do a rts issue. Either way, not good for short term sp (unless he does another UK placement at a premium - possibly followed up by a rts issue).
Entropylord
ROC Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
