I cannot see L1 making a T/O attempt for COE, because L1 is an Investment Mgr - they are not a Private Equity Investment house as far as I know. They would not have the mgt expertise to manage and operate an O&G company.
Having said that, as you say, they quite probably are positioning themselves in readiness for a T/O attempt from another O&G operator, or a bottom feeder investor. There would be plenty of those around who can sniff a bargain. Yes, a predator grabbing a holding like L1's, would give that predator a pretty much unassailable lead.
With COE SP holding at these low, low levels, it would not take much to get the other Insto holders over the line IMHO.
Ann: Change in substantial holding, page-4
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Last
22.0¢ |
Change
-0.015(6.38%) |
Mkt cap ! $594.0M | |||
| Open | High | Low | Value | Volume |
| 23.5¢ | 23.5¢ | 22.0¢ | $1.360M | 6.023M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 27 | 548560 | 22.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 22.5¢ | 245167 | 21 |
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| Last trade - 14.50pm 24/06/2024 (20 minute delay) ? |
| COE (ASX) Chart |