No confidence in Tap's Independent Directors, page-11

Risco has offered 9.1c for all shares in Tap oil. (Approx 425m shares).

Tap oil has $20m in cash and a lift coming mid Sept.

MC is approx $39m.

Effectively Riscoe is paying $19m or approx one half of 9.1c per share after they take
Control of the $20m cash.

Tap oil directors have signed an agreement that prevents anything other than normal business from occuring and limiting the use of the $20m. This prevents the poison pill defence of perhaps a large dividend per share, say 4.7c. ($20m).

This has been mentioned by a poster earlier.

I would prefer a 4.7c dividend and still have my SH intact in a producing oiler with no debt than accept 9.1c.

I already own 4.7c in cash + plus other values so a 9.1c offer means Im selling (forced) for only 4.4c. Take off $? for other value in Tap and Im left wondering if I am simply giving them away for free.

Shame on the independent directors for failing to provide full disclosure of net worth.

TPA