It's a good deal for both if you want to lock in control from a BPT perspective, and lock in funding from an ADE perspective. However, with such a large holding, and with the 40c options in play, we can now be driven by the BPT/Capex/Gladstone timelines that BPT will be using for it's investment decisions. It would be an easy decision for our management...no stress, in with the big boys, big lunch to celebrate....but I think they threw down the ace a bit too soon. I'm sure they could have done a CR quite easily after the 2tcf announcement. Ok...it might have only being at 14c...but I'm sure BPT (or another player) would have given a lot more than the 2.5c premium the next time around. IMO we have taken the leap from speculative explorer to producer. Long-term it's all still good....but I feel the quick multi-bagger has gone.
ADE Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
