EPG 0.00% 41.0¢ european gas limited

due diligence report, page-10

  1. 91 Posts.
    Dex,

    From my discussions with the law firm I use in Australia (they have operations in Europe), the message I got was that any group in a position to exercise a pledge in France, needs to notify the company first, then go to the commercial court, get a judge there to assign an expert for a independent valuation of the assets. The judge at the commercial court will then run a bidding process and distribute the cash according the the claims with Transcor having the first right to the cash given its exisiting pledge.Apparently the whole process can take up to 9 months.

    Given the high level of interest and the valuation level of gas producing assets and 1P/2P/3P reserves in Western Europe, I would be very surprised if Transcor could get more than Gazonor for its EUR36m, and might not even get more than a large majority stake in Gazonor.

    Bartom.
 
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