655M for this dreadful deal and 250M for the dreadful Bandanna deal= 905M (approx.) new shares! I've been advocating a consolidation for GOG for some time now, although given the current management ...
Just how dreadful this deal is for GOG can be seen in the relative price movements- GOG steady and INP up 48%! As I was saying yesterday 2:1 looked fair to me- valued INP at 11.6c before the pre-bid pump. Five cents cash, about two cents cash equivalent, whatever they can get for the Bass Strait permit and (?) the SE Queensland permit and some Lingo's Folly permits to throw the cash at!
And as a side issue is the company advising GOG anything to do with Republic? Surely that would constitute a conflict of interest?!?
TR
DLS Price at posting:
63.0¢ Sentiment: Hold Disclosure: Held
