Hi John,
just to avoid confusions re the US assets ...
Imho there is no meaningful reason to sell their US prospects only
COI regains 5% (of CRR), if Pine Brook Partners invest US$100 million in the prospects (they regain 20% of CRR if Pine Brook invest US$26 million but its not likely that COI is interested in such an outcome)
They made a really good deal to de-risk the prospects and to be free carried in the future for all the assets in question. If they are diluted down to 5%, they are not "required to fund any additional capital spending" (Andy Lydyard, 19-June-2008, corporatefile.com.au interview)
This deal could be "the cherry on the cake" for a takeover bidder.
(on the contrary, I wouldn't be surprised if CRR makes now an offer for VicPet's West Florence areage ...)
price movement, page-5
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18.0¢ |
Change
-0.005(2.70%) |
Mkt cap ! $199.4M | |||
| Open | High | Low | Value | Volume |
| 18.5¢ | 18.5¢ | 18.0¢ | $175.4K | 972.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2673 | 18.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 18.5¢ | 50000 | 1 |
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| COI (ASX) Chart |