absolutely right! WCL said the original "intention to make an offer" price at 36c was "manifestly Inadequate".
at 36c that valued WCL at $163m Given this formal offer of just 40c values WCL at only $182m, what makes L/B think that an increase of about $19m, or just 4c per share, would make their formal offer suddenly "adequate"?
particularly given Petro was proposing an "intention to make an offer" valuing WCL at $185m a couple of years ago!
and that $185m was before WCL had a huge GSA, and before WCL virtually doubled its reserves!
so imho, 40c is still "manifestly inadequate".
we need to be patient - the next 2 weeks hopefully we will see some action.
cheers
WCL Price at posting:
41.0¢ Sentiment: Hold Disclosure: Held
