re: Ann: Indicative proposal - due diligence ...
Assuming the cat wasn't let out of the bag early forcing the company to come clean with a non-binding indicative offer, do you really think a binding offer would have been on the table earlier than today?
The data room wasn't created out of thin air and took time to create. Hence LNG would not have been in there until well after it was announced while the relevant data was assembled and collated.
Barring an all scrip offer the cash is coming from China Inc and there a multiple layers of bureaucracy to work through on that front assuming LNG have come to a conclusion on the way forward. Since they are keen to source gas from other parties it may require lining up several ducks before they push the button on anything.
As long as the board of WCL are working hard to get a binding offer on the table while management spend their time proving up more gas then the cards will fall as they may.
Unfortunately it could be days, weeks or months?!
WCL Price at posting:
34.5¢ Sentiment: Buy Disclosure: Held
