Always enjoy reading your posts and always will. However I don't necessarily agree to your comments here.
There are limited shares for sale to this stock - roughly 2-3 million at any point. Anyone could buy these which would give a tiny holding to Comet. A takeover would require a considerable amount of shares and the requirement to buy Directors shares along with the holdings of many of my contacts. There is no way that I see the directors or my contacts offloading their shares for anything less than a considerable amount of money - 50 cents or perhaps even $1 or more.
Therefor there is simply no opportunity for a takeover by purchasing current on market shares. To your point on commercial sense, you're right - someone needs to buy up and buy big as no one is letting their shares go for a token.
To the market cap (current)- $58 million is not much for a larger company to find this amount and buy out Comet- however as above what shareholder is going to sell out cheap. So no deal to this one and why we aren't being snapped up perhaps!
Santos as you are aware own 30% and Origin 30%. Not unfeasible for Comet to buy these two out with a cap raising and Im sure this would be voted in 100% to gain full control and allow the handbrake off which is firmly on now.
On the other hand Santos true to form would be having Comet bring Mahalo to a stage where hard work is done with reserves booked etc. Santos could easily then buy out Comet and have the controlling interest in a site ready for gas extraction. The typical model of Santos.
Therefor I still see a deal from Santos buying out Comet for Mahalo, and Comet then being cashed up and moving ahead with Mahalo north.
Im happy with the board, MD and crew. They know what they are doing and Im sure they are as disappointed with the share price too.
Looking forward to hearing state of play at the AGM.
COI Price at posting:
7.9¢ Sentiment: Buy Disclosure: Held
(20min delay)