You may have worked on a lot of acquisitions but I wonder how...

You may have worked on a lot of acquisitions but I wonder how many energy transactions you have personally negotiated and closed in the US at transaction values in excess of $100m. It appears the MD of AZZ has a few under his belt. The US shale market is an exceptionally deep market with hundreds of Private Equity players operating. The buyer of these assets will be announced on closing not before and the reasons are obvious for those that understand this space. These shale basins are quite homogenous across relatively small distances but due to the fractured ownership of the land their can be multiple landholders adjacent to and surrounding your land. If you have put in months of work to get one of those Private Equity players to the point of signing a PSA you don't scream out their name to every one around you to see if they can offer a slight discount and cut you out. If I had found a Chinese buyer for my penthouse who was going to pay me good money in 30days, would I drop off the name and address of my buyer to the other sellers of penthouses in the buildings around me before I got my money.. You would also know that whether this deal is conditional or unconditional is of little merit. they either want it and will pay or they will not. There is little recourse that could be justified to change that ie what are you going to do if they don't pay, spend the next 5yrs trying to get someone to pay you when they don't want to. So whether we know their name or not ( how many pe0ple had heard of AJAX who paid $379 m for land next door) there will always be execution risk until the money is in the bank and it is up to investors how they want to price that risk NOT the ASX .