Yeah look I have to agree - management have hit many road blocks and the frustration as a holder is quite apparent so I imagine they must be feeling the same way. Sunshine worked out well and I remind myself of that quite often. Possibly they are not perfect but I don't consider them liars or having the inclination to burn cash.
When I read the half yearly I picked up on the possible separation of "different asset classes" - at a guess I think Mahalo south and North as the top tier and the rest in the other less developed class. So if they were to split them (and that news should come before the end of March according to the HY) I believe we could expect some action in the near term. I was getting really concerned about how any offer was ever going to match the assets given the SP at present - but you have it in one - well at least a possible and fantastic possibility. I am not sure what the value of MN &S is or could be but if we could just get an offer and see where the market take us. You probably remember pure energy - started with one bid with a market cap under 100m and after multiple bids sold at 1B! - I'm not suggesting that will happen in the current climate but we may all be surprised to the upside as to where the Mahalo asset may land with multiple bidders. These guys are cautious but they are not thinking about the next 10mins they play a long game.
Even our NSW ground if you do the numbers like STO have on theirs (well analysts have) that would put COI NSW fields at somewhere between 20 and 30 cents alone.....
So thanks for bringing up how that could play out - I'm going to sleep very well tonight - actually I may not - I will be thinking how to raise some cash to buy more all night!!!!
COI Price at posting:
8.4¢ Sentiment: Buy Disclosure: Held
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