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09:16
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Originally posted by Bigdaddy6774:
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No, not at all. It did start to climb at the beginning of the bidding war - I agree it continued afterwards whilst people hoped that an offer would come. No offers came. Then the SE2/3 debacle caused a thorough re think of the underlying value of the portfolio. It might have been pregnant with possibilities but most of them were ultimately just that - possibilities. In that period before the fall we were looking at a company with either huge resources and grandiose but deliverable projects like Haber or not much more than a few tens of PJs in Walyering, the CSBP burdened WE and SE1 with a very small amount of actual gas once you get past Stuart’s habit of adding all categories of resource together and trumpeting the result as massive. Give the recent NSAI SE haircut with a number 1 setting on the razor, it does seem to the average cynic like me that at the moment 22c to 23c is a pretty full price.
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Big D, to reach fair value of $0.22-$0.23, I assume you accept the Macquarie valuation is fair and reasonable?
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