Can sense a fair bit of frustration in your post cyclops, rightly or wrongly thats fair enough given the sp retracement of late.
Interesting comments re HP, I would suggest that the "not shareholder friendly" facet applies to their investment phase (i.e. getting their stake at low prices with attached options etc). Now that their investment phase is complete, I would suggest their interests are aligned with the rest of the shareholders in that they want to exit their investment at the highest price possible just like everyone else.
As for takeover examples, there are plenty that get snapped up at a percieved low price and there are those that command a hefty premium (Grande Cache +90% for example).
Comes down to the tightness of the share register (as you suggest CPL is tight), the asset involved and how badly the suitor wants it / synergies of the project in their portfolio. So it would be on a case by case basis. Tough to draw parallels with ACS.
The number of shares on issue isnt a suprise, not as if brokers all woke up after the release of the BFS and said wow, look at CPL, 600mil + shares. OPtions etc were issued a long time ago and have been built into broker vals IMO, our capital structure isnt a surprise. Yes loyal shreholders didnt get anything, however I would be worried if retail shareholders were offered something as it may imply that the asset isnt worth muscling in by insto's. Bit like placements by brokers, good ones youre never offered any, the ones you are offered arent worth buying!
If the sell down is due to CAPEX / financing, I wonder what would happen to the SP if the financing is sorted?! Is it a big IF considering the offtake rights are still up for grabs? HP were introduced for their contacts in this area and have a fair incentive to assist in this matter.
Bottom line for me is the performance shares, I think its a matter of temporary stock overhang, once chewed through I would think the stock would revert to fair value, whatever that is. Glad the financing talks arent due for completion till next quarter, gives time for the perf shares to be worked through the system.
All IMHO only
Good luck to holders
CPL Price at posting:
$1.59 Sentiment: Buy Disclosure: Held