merlin pays dearly !, page-3

Graham,

Couple of points.

I don't think Merlin approached ITC to buy any of their minor holdings as they had already negotiated to buy almost twice as much as ITC holds, at the current Cooper Basin farmin average of about 2.2:1 (as opposed to BPT's 3:1 that they have been paying STU).

Secondly, the furfy about the options fails to take account of the fact that adding 50m shares to the total on issue will be accompanied by a sudden increase in wealth to the tune of $10m (you know the money paid to exercise them). Therefore net nil effect on the value of the company.

Finally, if you think that RPM has the best leverage in this JV can you please show me where I went wrong in my post this morning detailing all of the leverages for the JV partners?

Cheers

Badfish