Understand and agree with almost everything you wrote there, and I am certainly no Lonestar cheerleader either. They probably own enough for one spot but are surely taking the piss trying to get 5 on board.
Mgmt communication is poor and it is difficult to accept at face value the "significant corporate interest" statements without something more solid to back them up. Let's face it, the original LOI was settling in X days, then extended, finally rejected, now a new LOI. Why if the last LOI at 300m was unacceptable, is this one even being entertained. Has he gone back to talk to them about raising it? Otherwise, I don't see what would have changed since the last one was rejected. Is the info that we thought was so good, suddenly not so good?
Interesting question. Would letting us know whether the current LOI is from the same company as before break the commercial confidence? No need to name who, just let us know if it from exactly the same interested party.
AZZ Price at posting:
62.5¢ Sentiment: Hold Disclosure: Held
