The obvious transaction is for an Oil and gas company (that...

The obvious transaction is for an Oil and gas company (that needs some cash) to buy 19.9% from one of the shareholders and then make a scrip bid for the balance. Net result will be that the acquirer raises $45m ($53m cash in MPO minus $8m paid for Board control) for less dilution that a conventional capital raising plus they pickup the huge tax losses. I suspect the recent pickup in Oil and gas activity now makes this more likely hence the current share price outperformance.
Would have been nice for COE to do this instead of their current $62m rights issue but sure there are other possibilities