The register is to tight for a takeover to succeed, with the recent upgrades to the resource, I'd imagine $1.50+ is needed to get over the line. The Japs and Koreans are in it to secure supply and 40c per share represents buying coal for around 30c per ton... why would they accept a takeover offer unless it represented a significant premium to fair value. Between management, the big players, diehards like me... I think perhaps only about 20% of the shares on issue are available for trading.
Master of sin... at the end of last quarter we had $10mil in cash, and a further ~$40 mil received for partial sale of Woori this quarter. Another asset is up for sale. Loan facilities adding up to ?? (I forget but perhaps ~$150mil).
Capital raisings are unlikely at this stage, asset sales are the way to go as you get much better cash value for it.
COK Price at posting:
38.5¢ Sentiment: Buy Disclosure: Held
