nhc takeover of dart - increased stake, page-5

http://www.asx.com.au/asxpdf/20121115/pdf/42b6wm5p2lz3qf.pdf

first section of slide 33 :)

If NHC weew to launch a TO, they will have the funds to take the company forward. They know they could bring Indonesia CBM online very quickly with their contacts and cash. NGY secured a GSA in an adjacent block for $10/gj. They know Indonesia and UK CBM will pay off the investment in 3 years. The only issue at the moment is price, they will need to stump up at least 65c to get it over the line. Shale gas assets would just be a bonus for them.

Either that or they are the J/V partners for the UK shale and want to protect the capital they sink into any J/V by deterring any potential bidders trying to grab DTE on the cheap.

Or nothing...NHC owned 20% of DTE when they listed. It was a different company back then though. Shale gas was still being laughed at in the U.S. and coal prices were a lot higher.