My initial thoughts were you should have taken the bird in the...

My initial thoughts were you should have taken the bird in the hand!

Then got to wondering whether this offer isn't pitched so low as to prevent LNG potentially interfering with the offer..ie had it been 40c they could have sunk the sp below that and waited a bit.

However at this level it will be fully subscribed of that I am sure.

So from LNG's perspective if they don't move before the record date, they then will pay 65c plus for 100 000 000 shares and yet they only get $25 million back, so it is a at a minimum a $40 million opportunity cost. That is quite a bit of incentive.

Also interestingly I don't think this is enough for WCL to buy 50% of mungi

I'll be holding on to see whether this does infact induce LNG to move to takeover at 75c .