market disconnect paradox, page-14

Auto,

May comes down to “point of view”, driven by whatever is our largest holding.

As IPM shareholders, have every right to criticise fairly harshly any company attempting an unsolicited takeover – I would have thought - provided we can back it up logically.

Think COE has been fairly comprehensively dissected by posters. Remember also, IPM didn’t pick this fight, we're only responding against an aggressor.

Yes COE is undervalued, but has to support it’s own share price now that it’s started this thing.

Suspect the offer is flawed and upside-limiting to IPM shareholders, in quiet a few ways. No favours done for me by COE. The 24 BCF (30+ %) increase in reserves announced today likely to have lifted the price to current levels anyway. Perhaps the 3.1:1 ratio is now holding it down ?

Regards PE