noellyn - only thing that has changed seems to be that Petro have now confirmed the new indicative price, but also that exclusivity has been granted. Indicates to me that they have reached final stages of DD and negotiations.
The market doesn't believe this though due to the past history of the stock. That is fair enough too, but I am willing to bet that this is more progressed than the market thinks. The LNG announcement is a bit sneaky too and may put a bit of a dampener on sentiment.
you are right I think that PT Bumi will continue to sell and cap the price. They don't have the luxury of waiting for an outcome
Market perception and the PT Bumi overhang together therefore gives us a good buying opportunity in the low 40s. I have put some more on the bid at 40c.
WCL Price at posting:
42.0¢ Sentiment: Buy Disclosure: Held
