Tell me, if a company wished to get a 13% stake in ESG by buying on the market, what do you think their VWAP would be to secure 150 miilion shares? 70 cents..? 80 cents..? Or far more than $1.00?
There is going to be a very large jump in the share price after the magnitude of the reserves upgrade is revealed. And as ESG don't need the cash, we can have this same conversation at that time.
But the point is, Santos cannot stop ESG watering down their holding after August. And Santos cannot stop ESG doing a placement to one of Santos' competitors. And were ESG to get one of Santos' competitors on board, whatever perceived stategic hold Santos thinks it has on ESG, will be greatly weakened.
That 'footprint' which Knox claims, could be shrunk. And there could be another pair of footprints on the ESG beach... perhaps another party whose reserves progress has been delayed..? A party with bigger feet than Santos!
Just of one many options ESG has.
Yaq
locking up esg scrip, page-24
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