While there is plenty of banter and speculation about what potential deal could eventuate no one is giving consideration that PCL management might be looking for a clean exit to cash in all their chips. This has been a long road for the "old boys" Rushworth & Myers some 20yrs and a decent stint for Vesna 10yrs, add to that Smith locked in alternative employment in 2024 at Winchester Energy. It's clear the Namibian Govt want this to be a value add for their people and their economy and the less smaller players they have to administer through what is a nascent Govt Department the faster this process to a new Namibian sector will advance. Working with a small number of big players who have the balance sheets to scale up at will is the straight line approach. While the thrill of a drill or discovery is great for the online banter it's what happens next be it duster disaster, or the years of cloak and dagger to FID or production when it's all outgoings, those that have been in CVN, FAR or 88E know only too well what pitfalls await. Get us a fair or even great buyout and it takes all the should have, could have, didn't out of the equation... What would a fair to good buyout price be ? $700M for 75% ??
PCL Price at posting:
1.1¢ Sentiment: None Disclosure: Held
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