goodaye Hendrous,that's an interesting observation you...

goodaye Hendrous,
that's an interesting observation you mention.
thinking about it, I guess a Bidder (were one to eventuate) would be precluded from acquiring the Bumi parcel, because they have inside information, which the market does not possess.
But, some other buyer could purchase the Bumi stake, then on-sell into a t/o.

There used to be big problems from ASIC I recall re "warehousing", where a buyer would accumulate shares in a coy, basically on behalf of another entity - and that also was illegal (I guess it comes down to the circumsatnces of each situation).

From what has been announced, the extra 3wks is so that the Proposer can complete its investigations. And I actually do believe that. (blind faith maybe?).
But this process is typical of the Chinese, drag it out - come back time and again, ask more questions - bid low to reduce the expectations etc.

I think the proposed price of 52c, waas pitched at that level just so the new Proposer could get access to the confidential stuff in the data room - because LNG was only allowed access when it suggested a price of 53c. So if 53c unlocks the door, then 52c appears to work just as well.

I cannot believe how long this process has taken, particularly when you compare it with BOW and ESG t/o. But maybe we have had all sorts ot other issues involved - eg Chinese political change, change of bidder?, seperate d/d?, maybe the MPO process had to be finalised first, maybe negotiations with Mitsui needed to be completed? etc.

That speech by Madam Wang at LNG AGM, I think summarised just why Petro is the favourite, and why China still wants our LNG in spite of the supposed oversupply from US.

when is 3 wk time frame up? 11 Dec 2012?

But problem is, nothing actually needs to happen at that time as I read it. All it means is that WCL can then actively "solicit" other buyers. Petro or whoever could just not do anything?

But I would envisage, that WCL would have to come out and update the market as to the state of paly at the end of the 3wk period.
They would need to in order to keep the market fully informed, even if the Proposer remains undecided.

cheers