Hi .. not much clarity about what to do about the offer from Tangiers
I see now (4th March) Tangiers have received 10% of votes from Jacka shareholders in favour of the merger / takeover http://clients2.weblink.com.au/clients/TangiersPetroleum/article.asp?asx=TPT&view=6669594
Last time I looked (a few weeks ago) the board of Jacka where against this c. merger .. or withdrew their support.
If that is still their position, has anyone heard on the grapevine if Jacka have been sounding out raising more cash ??? they must be doing something as a contingency.
Saying that, what is the worst that could happen if no cash. Sell Nigeria, surrender Tunisia (but Dragon might pay $5m for this ) … and that just leaves Jacka with
1.Somaliland = $20m in from Sterling and 15% of the block. 2. Tanzania … difficult to say anything here
My plan is to say yes to the merger (even though I am against it) …
That will allow the management of Jacka the option of going a head with the merger (if they can not get cash and they will control the final result of the vote with their shares and close investors) … or if they do get new cash, then the Jacka board can block the Yes vote.
Anyone got a better sugestion ?
JKA Price at posting:
8.3¢ Sentiment: LT Buy Disclosure: Held
