LOD (ASX) Ann: Acquisition of 100% of Tambo Coal and Gas an

Originally posted by GLB777 ↑

re: Ann: Acquisition of 100% of Tambo Coal an... It is certainly intriguing ,GLB , on several fronts:

> Timing --LOD are currently drilling several coal gas exploratory holes , and results of those I expect would be known in late January???
> 400 MILL new shares ---whilst a hell of a lot , assumedly there will be an escro clause on some or all of these for period(s) --So our major shareholder of almost 2/3rds of the company will become existing Director Greg Baynton.
> Greg Bayntons company Orbit Capital consults to Lodestone , and its his company's we are now buying an outright interest in these tenements.
> Greg Baynton is only one of 6 Directors , 5 of which are non executive . So this decision would not have been taken lightly .
> most recent placement shares . Square Resources took 10 mill shares @19.5 cents on the 11th Dec , and another $5 mill dollars worth @between 19.5 cents and 25cents , due for settlement on the 15th Feb. So certainly , in negotiating these placements , Square Resources would have known what was coming , as would Oliver Lennox -King , the current 8% Canadian major shareholder.

We are to get an Independent Experts evaluation of the transaction , and this is due in March for an EGM to approve the issue of shares --after the drill holes ( for CSG)assays are out , and after the second Placement of $5 MILL is well are truly paid for ( at a yet to be determined figure of between 19.5C and 25c) .

So all in all , I get the strong feeling that the Directors have sufficient evidence/ conviction , and the major ( prior to this new deal with Greg Baynton) , that they want the whole of the action NOW , not a farm-in deal .
If I can get assurance that the shares are Escrowed ( and will try to confirm ), then I think this is a positive development . I am further wondering if there has been "EXPRESSIONS of INTEREST" from other major Queensland CSG players , that has brought this proposition forward , and LODESTONE doesn't want to be dealing with anything but an outright ownership .
Hope this makes sense --might be a surprise 2010 development .
From what I have read about the Directors , they have considerable expertise , and have brought Lodestone with a very focussed purpose , from Day 1.
cheers --and Merry Christmas.