Hi Wot Takeover TEG !? What for? The Cliff Head operations have lost money in the past 9 months since they developed the Geraldton Port oil export route and this has been confirmed by Pilot's quarterlies; and The Cliff Head facilities have to be restored eventually. TEG shows a provision of $15.8M for its share in its accounts at 30 June 2022, but IMHO that looks light on to restore facilities that initially cost $327M.
I think TPD (and NZO) did the perfect deal for us by buying into TEG's blue sky assets and avoiding the ageing legacy liabilities.
What's there not to like? Cheers ft
TPD Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held