It looks more like HZN is the senior party (CEO, more directors and [I believe] CFO from HZN. ROC the ongoing company possible because
a) ROC retained losses of over $500m
b) ROC name recognition in Asian Bid Rounds
c) change of control allows redemption of bonds
d) other?
Looks good to me.
Both companies are 40% to 50% below consensus targets = undervalued? So 10 day VWAP is probably the only way to get agreement.
Benefits of Combined Company.
More diverse spread of assets = reduced execution risk.
Growth
The financial strength (balance sheet and cash flow) of the combined company will allow
-ROC can pursue larger and potential more robust/profitable deals in the Asian region.
-HZN to maintain a larger interest of the eventual downstream PNG LNG development.
Share Demand
The larger market capitalisation ($800 million plus any rerating) of the combined company will attract interest from larger fund managers from Australia and Asia.
HZN's largest holder, IMC Group, is at just over 20%. IMO, IMC is likely to buy to maintain 20% in combined company.
Any rerating would trigger short covering.
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Mkt cap ! $300.2M |
Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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31 | 2127822 | 0.180 |
11 | 186398 | 0.175 |
12 | 264839 | 0.170 |
6 | 57060 | 0.165 |
Price($) | Vol. | No. |
---|---|---|
0.190 | 235956 | 2 |
0.195 | 318048 | 5 |
0.200 | 2064788 | 20 |
0.205 | 1613298 | 17 |
0.210 | 589048 | 5 |
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