DBK...i hold both but think SXP being undersold. The scrip price should at a minimum be linked to the LNC price TODAY....not August.
IMO LNC benefits greatly if(when!) this deal goes through. eg, what's stopping them selling off SXP conventional oil project, CSG leases etc They may even profit on a deal like this and gain several billion t of coal to play at UCG with for nix.
Dont also forget they gain a CSM JV with ESG; plus SXP's tenements near Adelaide. Success there would justify the pricetag alone.
Hard to see why someone else wouldnt have a look. A ballpark $150mill bid from another would be one the directors couldnt ignore...
SXP
sapex limited
