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 ...)
COI Price at posting:
5.5¢ Sentiment: ST Buy Disclosure: Held
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