sto/esg/gastar/hgo tranasction implications, page-41

With regard to MEL's valuation:

The sad thing is that no matter how you value the company's gas reserves, takeover offers are usually made on the basis of what is the lowest offer that will guarantee success.
That usually translates to a premium on the WAP of shares, for a defined period. The premium is made tempting enough so that sufficient numbers of shareholders will accept the offer.
Based on what the market is currently prepared to pay for MEL, at the end of the day, we might all be forced to sell at a price which does not reflect the true value of the gas assets.

Let's hope that the price climbs significantly before any such offer emerges.

Cheers all.