cooper on sale at 5 cents above cash, page-21

Recooperating,

I don't recall using the word "worthless", however the real point is there are no buyers for IPM or COE script atm, so offering shareholders alternative script for which there are no buyers doesn't help anyone. In fact we know that regardless of the merits of the two companies it will increase selling pressure from rollover.

Cooper have grown their current assets broadly within the capability and expertise of their people. Imo if they try to "operate" Tunisia themselves then they might be a bit overstretched, but even then if they hire the right people to head up the Tunisia team it should be OK. Exploration in Tunisia, Indonesia and (passively) the Cooper basin, and a small company like COE is fully (but not necessarily over) stretched.

Add the managing the skillsets required to maintain and grow IPMs assets, and put them in two further corners of the globe, with another two quite different set of geo-political, fiscal, regulatory issues to manage and you have to ask why try this?

If the bid fails then I will hopefully be able to hold my COE for the rebound and beyond. Will be hoping to see either management changes or takeover. I suspect COE is now a target, who wouldn't take 55 cps, more than half paid from COE's own cash pile. Unlocking the franking credits is further hidden value. BPT probably looking on with fascination. There is only upside for COE sp from here imho, the damage has already been done.

If the bid succeeds then yes I have a large problem. Would obviously take the part cash offer, then apply patience watching events closely. If the enlarged COE trip up too bad they will also quickly become a target. We are talking some pretty solid assets in both companies.

EL