a couple of things struck me: - purchase price was much higher...

a couple of things struck me:
- purchase price was much higher than I envisaged.
- really short time frame for Insto's to commit to book build
- really short time frame for Retail holders to participate. If you elect to get info online, you have about 2 weeks to get you money together, and then get your funds in. \
- but if you do not apply online, it looks like you have only 1 week -> because docs/Entitlement forms are mailed out 28 June, and Offer closes 7 July. So how slow is snail-mail?
- it looks like COE/APA are really keen to see this deal finalised ASAP?
- clearly APA was adamant that sale price would reflect the likelihood that Orbost will average a much higher rate, because of the performance related payments required. If they sold, they were determined to reap the benefit of higher prod rates, and higher spot prices (ie that COE would benefit from the high spot prices)
- somewhere in there I read that COE would benefit from immediate operating cash flow improvement based on not paying a toll to APA. But I guess that does not take into account depreciation, interest on borrowings etc. --- " Immediate operating cashflow uplift through removal of Sole processing tariffs"
- SP pre-open currently at 27.5c. Closed Friday at 31.5c -> so big drop !
- COE state "Transformational acquisition that is earnings and cash flow accretive and adds strategic value"
- I am not clear of new banking facility - previously was a syndicated reserved based lending )not a corporate debt facility over all assets. But now called a corporate debt facility -> but then they say "Reserve base debt sizing mechanics" -> so maybe related to movement in reserves level, or reserves condition precedent?

The new debt facility was essential and enables COE to complete its rehab requirements, plus will give COE the ability to develop those Otway prospects. Those Otway prospects seem to be very high value/ low risk prospects which will feed Athena. Trouble is they are several years away from drilling. Also I think new facility has Manta included in numbers.

Anyway, Still a good move IMHO, and I think it pushes COE into a much higher supplier category.