Apart from your misguided sense of deception, why on earth would you want a to grant a group, who from all accounts have an unfortunate reputation for simply sucking the cash out of supposed takeover targets at a discount, any credence at all? If they were serious players, a full takeover would be the way forward, and given the lack of major holders on the register, they would probably have a fair chance of success. The highly conditional, partial approach smacks of a group of plumbers using their credit card limits to acquire cash at a discount. Their reticence on any future plan of action surely spells it out clearly to existing holders...they want the cash, they have no interest in anything else and if they rape the company, who cares? And you blame management for mismanaging the Vietnamese assets?.....ENI are blameless?...give me a break!! It's called exploration risk and surely all NEN were reporting was the guidance received from the operator.
NEN Price at posting:
3.0¢ Sentiment: None Disclosure: Held
