Very interesting Inverted. I agree with you that a cash offer to...

Very interesting Inverted. I agree with you that a cash offer to CUE SH could be what plays out. Certainly it is the simplest solution.

Your point about CUE shareholders not wanting to be offered shares in NZO is very true. I don't think OGOG would want to migrate the CUE SH either. It leaves them with the same problem they currently have just the SH are now in NZO instead of CUE.

I had actually wondered at one point if CUE could be used as the vehicle to mount a takeover on NZO. I think the rights issue and the move to full ASX listing has killed that idea! Between cash/revenues and the raising NZO will have a bank of just over $70m.

The other big issue is the ability of CUE and NZO to fund their development costs and carry. I thought CUE it would be generating enough cash to carry their 30% share. ($24m) however NZO didn't appear to be able to do the same. ($56m) That has been answered fully now with NZO indicating that around $49m of their $70m is allocated to this purpose.

NZO is coming to Australia, is going to be cashed up and is ready to push hard on developing Amadeus assets.

The elephant in the room is OGOG's direct investment in Beach's Otway assets. That investment alone is more valuable that NZO/CUE combined and may yet feature in this as the clouds clear.

Whatever the outcome, as long as CUE's minority interests don't get pushed out to soon, I think its a great time to be holding CUE. Strong cashflow, a cashed up big brother and a pretty good looking development pipeline.

I'm pretty sure both you and @Sharetrader78 have made the point that the minority SH need to be vigilant against being pushed out to cheaply/quickly.