does anyone think, page-42

If what PC said to kiwikarlos is true, then we are looking at July + for the buyout.

This means the Directors will need to exercise their options. This will cost $2.73m for JC, $2.035 for PC, $1.86m for Louman. Now not many people have that much sitting in the bank, I know many people who earn a similar salary to JC & there is no way they have that much sitting in the bank. Would the banks lend this money with only the shares as security? I doubt it especially as they are only 3.5 cents above the 30c option exercise price. Also recent history shows the sp has traded below the 25-30c range for extended periods.

So to finance this they'd have to offer other security such as their house. I know my wife wouldn't be keen to do that based on a spec company like marion. PC for example would need a $2.5m house (mortgage free) based on 80% lending - anyone seen his house?

One thing for sure, the directors will have something organised. If things are anticipated to run into July, they'll want to have this tidied up by mid June. They wouldn't risk getting caught out! - watch this space.


Also if the Cobb report was bypassed because of time frames (which I doubt) are we going to eventually see this report? A lot of money must already have been expended on it. Maybe they are still testing the untested wells to further boost the 1P & we may eventually see this report. No point in sitting on our bums twiddling our thumbs whilst the suitors get board approvals. The sun doesn't shine at CC very much, but it is at the moment - make hay while the sun shines. Pure upgraded it's Reserve report twice during the takeover process.

One final piece to the puzzle, how does Doug Martin fit into all this. He is chairman of Enerplus. Here is an exert from their Annual information form.

"Enerplus intends to continue to develop and optimize its assets as described above and continue to acquire stable, long-life projects.
However, as noted above, Enerplus currently intends to place increased focus on the acquisition of more growth-oriented, high quality assets
and intends to pursue more greenfield exploration properties and earlier stage resource plays which Enerplus believes have scalable,
repeatable drilling and development potential. "