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Yes One_Powerball, i too think PCG is in a much better position for any possible takeover than what they were when Cape first came knocking 4 months ago. If there's going to be a sale, we as PCG holders are much more likely to get a full price this time around. The FinRev on Thursday posited that $1.10 might be around the mark, but i think we could be looking at much more (again, if a sale does happen).

Firstly and most obviously, the SP was about $0.85 prior to Cape approaching this week, whereas in February it was hovering around $0.60. Applying the standard 30% premium usually offered for takeovers, i'd say $1.10 is a bare minimum starting price.

Secondly, since February, PCG have:
a) Struck a strategic partnership in Singapore;
b) Won two major contracts in the Caspian and tendered for some massive contracts, the outcome of which is as yet unknown; and
c) Effectively upgraded earnings for FY07 on the 31/5.
These 3 things put PCG in a better position to command a higher price.

Thirdly, last time around with Cape, Cape were forced to sign an agreement saying they weren't going to acquire any shares in PCG for 12 months without PCG approval. This gives PCG an important edge - Cape can't accumulate any shares unless the price they offer is right, so PCG is in a better bargaining position.

Fourthly, interesting to see that Opis Capital has bought about 1.2M shares since the announcement of Cape's approach on Thursday; they bought significant amounts both Thursday and yesterday. Obviously Opis think if a sale occurs, it will happen far in excess of what the SP currently is or, in the alternative, PCG at ~$1.00 is a good long term investment anyway. This is encouraging.

Other possibly interested parties could be Waco or Rigblast. If more than one buyer announces their intentions, then hopefully a juicy price can be extracted. $1.50+ would be nice!

I'm definitely taking a wait-and-see approach. What would really put a rocket under the SP (and any conceivable takeover price) is if PCG announced that they've won any of those huge tenders they submitted earlier this year.