old hc back, page-26

Etherazer. IMO, and I try very hard not to give "opinions", but, the only one of those three comapnies that you mention that would be interested in taking out Icon would be STO. Chevron would be happy with the $349 million stake and 36% of 855 and 60% of the Permian section of 218 and I agree with others that it makes no sense for Beach to buy back into 855 and 218 by taking out Icon. They are more than satisfied with their position and have far too many other irons in the fire to throw any back into 218 and 855 via Icon.
STO are delighted with the "pleasantly surprising" results from the Nappamerri Trough and are greatly increasing their expenditure in that area and must know that the further N.E. that they go, the more productive it becomes i.e. 218 and 855.

But, just because the S.P. is around .15 with a M.C. of $80 million, doesn't guarantee that Icon will be a "cheap" takeover. This is NOT another ADE where Beach already held nearly 20% and their number one SH, a great friend of beach's who loved making opportunistic millions, had another 18%. The T/O was a fait accompli and was done and dusted within the first 16 minutes of the market opening.

Now, with Icon, Beach, itself, with that Put Option, have placed a valuation of their own of $144 million just for Icon's 40% of 855!!(4.9% for $18 million) or 27 cents per Icon share, a premium of 80% on the current S.P. That is their own transparent valuation for all to see!!
So, how could Beach put a bid in of less than $144 million, even if they were interested?
To even have a chance of a successful T/O, the offer would have to be a minimum of $200 million and I repeat what I have always said, and offer of $200 million would very likely take out all the ST's who can't get out quickly enough, but the hard core L.T.'s have faith in the overall value of Icon and any offer around those levels would be lucky to even get to 50%, maybe a seat on the Board at best.
So, before we start selling off Icon, let's do what other possible predators are also doing, waiting to get more results from 855. As R.J. keeps saying this is just the very first well in a 400,000 acre tenement. There are still too many cards to be played before any suitor will be prepared to declare their hand and, IMO, far too soon for anyone to throw in their hand.
The fact that Chevron have thrown $349 into the pot just for 60% of Beach's interests in 218 and 855, strongly suggests to me that Beach and Icon have all the aces.