I am definitely UNHAPPY about the low bidI simply point out that...

I am definitely UNHAPPY about the low bid

I simply point out that if the STO sp goes Up so will the effective bid price and vice versa on the downhill run

If the STO sp ran to $16 then we could bail out at $1.09

STO is exploiting this as you know they are too stingy to offer cash but only too willing to monetise their scrip offer to make it sound generous

I would rather have a clear 90c or more cash rather than the complication of STO shares

OK I accept that really only a few ever bought into Yaq's $3ps thesis. He seemed to have a very large following for it with all the TUs he got.

The ESG Board have had no other offers and as this STO one seems the only one on the table at present they did what they thought was in the interests of the shareholders as of now. If they had an inkling of Other Bidders circling they surely would not have acquiesced so readily. So much for all the talk about strategic optionality lining up all the deals. Their Bluff was called and found wanting.

I criticised them for not ensuring that the Market share price was fully informed of the value of ESG and I was right as here we are with STO taking advantage from a low base 1mthVWAP of only 61c. An earlier interim upgrade would have had the VWAP much higher. Instead they were waiting for the BONANZA Upgrade. Who was directing them ? STO didnt have a seat on the Board so Santos is blame free.
Now we know why STO wasnt on the Board.

Maybe tomorrow will bring a Counter Bid

The fact that it is Santos, and even BPT beat them out of Delhi, so the game is still on

If what Roy2U says about a Jan2012 upgrade being more significant comes to pass valid questions could be asked as to whether this has influenced the STO bid timing. Their attitude about the Narrabri JV has been that it is "early Stage" so you could just see them saying that Appraisal is incomplete and ongoing but their Bid is as of Now.


Cheers