Ann: Senex executes H1 FY17 hedging program, page-32

I would not underestimate the effect of the hedge on the sp.

It brightly highlights management's strategic skills in ensuring the sp's stability with an upward bias. Banks often insist on a solid, predictable revenue stream from most commodity producers most notably prior to an acquisition -- which is NOT necessarily the case here.

However, if it were to be the case then SXY is positioned to very quickly and nimbly pick up assets at fire sale prices, ie. the beginnings of "empire" building. Which is good for future growth, while enhancing any t/o bid; a t/o bid NOT based on a distressed SXY, but a financially sound and bigger SXY.

It was this hedging move which tipped my decision to BUY.

OV