Hi Stayer,
My initial reaction to the NSE deal was that Magnum were trying to put NSE on the debt-teat, slowly squeeze them with a view to taking them over down the track. The very same deal involved the 52% farmin to Ambassador. I think the plan might have been to take AQO out as well, but not until 2015. Magnum's 17% shareholding in NSE also struck me as a blocking stake - so no one else could take out NSE.
The DLS takeover put a spanner in Magnum's works, as did NSE by delaying the seismic. I wouldn't be surprised if Magnum are considering pulling up stumps and going home. If not, if I were them, I would be going after control of NSE now, but given NSE recent announcement, such overtures would not be welcome.
Put simply, I think Magnum were too clever by half and have been done over by the three aussie small/mid caps as well as circumstances in the US.
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