Good morning!
I agree completely with your views regarding CNPC but IMO it is unlikely that they would wish to take over MEL completely.
I have good reason to believe that the Chinese are v sensitive to the issues associated with grabbing an Australian stategic asset (namely, the security of domestic gas supply disappearing).
And secondly, I don't think we should underestimate the knowledge capital held by MEL:
Mick O'Brien is passionately pro-MEL (& nobody's man) and even though he is not a director wields huge influence. He and David, Glenda and the rest have unique geological and technical knowledge which would be lost to a predator as they would be unlikely to stay on under new foreign managers (unlike ESG).
Also, it's worth a reminder that MEL directors & staff hold about 10% of MEL + 6% ERM + 10% LNG + the 25% holding of the longstanding remaining top 20 s/hs. + of course all of you and little old me.
In effect MEL now have a firewall around them.
I posted a while back when, almost as an afterthought, the Road Show was announced (even now no details have been released) it was more than likely a single presentation to the top echelons of a major Chinese gas company.
This seems now to be born out by events but still nothing has been announced. (Perhaps they are saving it for the AGM? - to which, unlike me & quite out of character, I will most CERTAINLY be going)
What is fascinating is that - in spite of wide-spread sneering and sceptism - MEL's original JV stategy seems to be unfolding in almost the manner in which they originally planned it.
Personally, I don't want to have to wait 30 years for a dividend.
But in lieu of that I remember Mick talking to me about a capital return?
10c on your 100 shares MR LA would keep you in Red Stripe for an evening or possibly a week of Numba One.
Good morning and thank you for your time.
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Mkt cap ! $5.790M |
Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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7 | 14261686 | 0.003 |
4 | 16775000 | 0.002 |
3 | 46300000 | 0.001 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.005 | 4823219 | 7 |
0.006 | 5709772 | 9 |
0.007 | 2663797 | 4 |
0.008 | 1035051 | 2 |
0.009 | 80000 | 1 |
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