ORG perhaps, but certainly AGL and STO are cashed up afetr asset sales and they are in the NSW gas game. It will be interesting to see if any significant shareholders emerge in coming weeks .. companies or instos.
I've been having a look at the small csg explorer BOW who also did a capital raising only a few weeks ago. That has been well received by the market. Pre-issue the share price was 34 and it issued at 27 (both a placement and a rights issue).. a 20% discount .. so ESG is in that ballpark. The shares went to as high as 49 on the day of the announcement possibly because of the record date for the 1for6 right issue being 20 March. They eased back over following days to a low of 32 and close of 37 on 24 Feb. Then .. bingo an announcement about an accelerated reserves upgrade program on 26 Feb sees them go to a high of 45, and next is first 3P reserves certification on 4 March resulting in a high of 76 cents. They are at 68 today. The point of the comparison is that 1) ESG's issue may be well received 2) the share price could rise after an initial dip ... BOW's is up over 100% 3) if management are smart followup good news will be released fairly soon .. more lateral results, reserves upgrades, MOU's or JVs???
Cheers
H
ESG Price at posting:
72.0¢ Sentiment: LT Buy Disclosure: Held
