Energy X offer $150m cash and script, page-71

On 11 July GLN was trading at 16c or around A$78M. If the bid was around US$150M / A$234M, never mind what hodlers are saying, that’s a massive 200% premium. It may not trade anywhere near that on a SP basis because of a) deal risk, b) the fact they’re offering unlisted scrip, but regardless… the fact the bid was so high relative to the market cap, and that JCB works for both bidder and target (wtf), means I think it’d be wise to approach all of this with a cynical eye.

Separately, I think Terry might be in some hot water as he was buying on market just days after the bid was received (15th and 18th July). This seems to be in breach of their own securities trading policy:




Galan clearly have disclosure issues - has now pumped three times: 15 Nov, pre-Glencore; 12 July, post EnergyX bid and today, with the deal ‘leaking’ to the AFR. This has just been the wildest stock to follow. Imagine if they’d disclosed the offer back when it was made? They’d have at least been able to tap the ATM at much higher prices?

Something very fishy seems to be happening.