They have IMO no takeover protection as they have no permanent...

They have IMO no takeover protection as they have no permanent insto clients who will work together to ensure several blocking stakes. Mix of domestoc and international with Aus govt being so harsh unless abidder could get a guarantee out of government by offering goivt something I am not sure they will pay a premium. The actions of Aussie govt has basically knocked out a premium as no buyer would know where they stand as govt could just implement anothe rknee jerk tax or price cap to same affect so all buyers would factor that in.

There is no options set in place to stop a takeover. Buyback won't do it and then you are relying on possibly 3-4 bidders to not have already made a side agreemnet on teh later split up? Would need private equity or large fund to stand in middle and force bidders to pay a fair price for control. Whats Kev care he will be gone at end of contract? Pricing and war demand making look good and a rich man with all the options and final pay IMO. Just beware of sucession management as well after seeing the resulting debarcle of Botton at OSH and the result that allowed STO to get control.

I agree that othe roilers have CF to fund it and with quite a lot of internationals on the register many may even accept cash not stock a sthey already hold teh international stocks and know that teh PE are much greater overseas.

STO has been stumbling from one crapfight to teh next and apart from getting a bargain with OSH purchase I am not sure where it would be right now. PNG churning out full priced gas and cashflow funding expansion. Just hope teh PNG govt doesn't demand extra freebies from PNG LNG or implement threat of a tax / cap. Their extended bid is still weird and when considered it is seperate to the PNG soverign wealth fund which may or may not be difersifies as it gains more cash all ata time when PNG needs cash to develop its nation. Weird politics and hoep it is all for good not just more despots siphoning off PNG kina.