Yes james58, very interesting indeed given the huge number of...

Yes james58, very interesting indeed given the huge number of EXEO which holders chose to allow to lapse. Divine wisdom perhaps?

I wonder if any of those large EXEO lapsers have an arrangement to pick up their shares at a discount via the underwriter (IF there is in fact an enforceable underwriting agreement in place). What sort of fee would be payable to an underwriter required to fork out $11m? 10%?

And the 1 April "Termination Date" appeared out of the blue. We had previously only been told of the 5 day option period after "satisfaction of all conditions precedent". If 1 April was the end of that 5 day option, then obviously all Chinese approvals were received early in the week and the market should have been told. Maybe that news would have been advantageous for the EXEO conversions.

If there was always an overriding 1 April "termination" date, then the market should have been advised. Some EXEO holders may have exercised in the hope that there was still a chance that CNOOC would take up their option even if the Chinese approvals happened some time after the EXEO expiry date.

Very badly managed by this company. Comments please.