Katok and Mav. The GSA IS worth BIG bucks TO BPT and maybe "others."!!!
That's the point, it is a $32 billion contract for a 20 year supply of gas. ICN has the GSA, sure, they haven't got the gas (YET) but others like BPT and STO have.
It is worth $1.60 per share to BPT in THEIR hands.
They can get it and all of ICN's other assets for less than $200 million AT THESE LOW PRICES, that is just two months supply of the GSA if they had 100% of it!!!
They have offered nearly $100 million for ADE?? In fact, last August, they offered ADE to take up options in ADE, exercisable on 31 June 2012 at FORTY CENTS, DOUBLE what they are now offering for all of their shares!! What does that tell you?
ADE have been dead in the water, probably before that, when they accepted that placement giving BPT 19%, but, by knocking back the options offer, they were doomed.
ADE's number 2 SH has already accepted the offer, don't know what the remaining Board members expect. BPT already have 44% just after day one and need around 30 million more shares to get past 50% and what happens to ADE's Board then?? What will BPT's next move be???
If they think that ADE is worth that, purely as a strategic play, because they certainly don't need ADE's "assets", my point is that ICN is FAR more "attractive" to BPT asset wise (extra 40% of 855 alone, PLUS THE GSAs) but, certainly more so strategically.
ADE pales into insignificance compared to ICN's "value" to BPT.
The only two things that will keep ICN from falling to BPT are if ICN can obtain a major funder to cover their share of the costs and/or if another big gorilla comes in and offers a higher price. Either way, ICN shareholders will be the big winners.
BPT knows that and would certainly be preferring to get as many ICN shares as they can while the SP is so low,
AND, more importantly for us SHs, RJ KNOWS IT!!!!!
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