that's interesting news BH.SAAD are still only a s/h in WCL,...

that's interesting news BH.

SAAD are still only a s/h in WCL, like us - only bigger.
I think from memory they only participated in the exercise of $2.55m of options - so thats 5.1m shares.
SAAD Investment Company Ltd has 23.1% of WCL.
Bumi has 20.2%
Angus Karrol has 8.4%
There are currently 110.389m shares on issue.
I reckon all of the above holders are sellers at the right price. That probably applies to all of us too!

In the medium term you can bet that the SAAD shares (25.5m) will be for sale. They simply cannot sell them on-market, because the depth of t/over in WCL is simply not there. So that SAAD parcel will not even be drip-fed onto the market!

What it will do, IMHO, is increase the likelihood of a bid for WCL !!!!

Bumi needs money because coal market is down, and they did not participate in exercise of options, so there is 43.5% of WCL capital available in one hit to a predator. A bidder need only agree on a price, get pre-bid commitments from these two s/h, and bingo, there's the bid.

Angus Karroll as next biggest s/h has said it is his aim to prove up as much reserves ASAP.
That is how WCL will increase its market cap.

I understand that the results of the Mt St Martins and BAld Hills wells are better than expected. Great saturation and good permeability.
The ASX reports 9m of coal seams were in just 2 seams. These two seams were somewhere between 250m and 350m. The wells went to around 500m - and there were further coal seams intersected - but not reported. I seems WCL only reported the best intersections, as it is those seams which would be explored. If WCL reported total gross coal seams intersected (as does BOW etc) then the gross coal figure would have been a hell of a lot higher I guess).

They are now working on the Horizontal lateral Production Pilot (as reported).

If we can get some reserves certified in the short-term, I think we will be a sitting duck for a take-over. Remember we have 3,000 BCF of gas in place, good ground, close to infrastructure, un-committed output, great location next to big boys, BG as J/V partner, and should be attractive to not only BG, but Arrow and others.

cheers