arc energy to offer 1.175 shares for each anzo, page-6

I have my doubts about this deal.

I know a fair bit about the Basker Manta Gummy project, because I'm a recent (ex) shareholder of both BPT and AZA.

In June 07, AZA and BPT sold 20% of the BMG project to a Japanese company for $246m. That values the entire project at $1,230m (which, just quietly, was around twice what brokers thought it was worth at the time). AZA is therefore left with 40% of BMG to put into this deal.

Based on the price the Japanese paid, it should value AZA at around $492m. ARQ has paid $708m, or 44% more than the Jap's reckon its worth.

That's serious overpayment. The market will mark them down for it, IMO, and I'll be out tomorrow morning.

Bye all.