What is BCP's objective ?
If they want to be an integrated upstream/downstream producer then their objective would be 100% ownership. In this position they should be able to take their allocation of a J.V oil in physical form i.e actual oil at J.V. costing ( Galoc approx $50).
Should they not acquire 100% ownership, then their total allocation would have to be sold at market price i.e not to disadvantage minority shareholding..
Once they get 75% then things get very difficult for the minority - but they are not there. They have effectively only picked up less than 40% from the oppressed
How to get there ?
To creep at 3% every 6 months will take about one and half years for privatisation. Lot can happen before that. A bit more Thaiger Sharking, creeping etc. before a second attempt?Logically their offer should be higher.
NDO Price at posting:
5.4¢ Sentiment: None Disclosure: Held
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