My summary of the ann. is as follows.1.The company for the first...

My summary of the ann. is as follows.

1.The company for the first time has advised s/h that a number of interested parties registered an interest.

2. This interest was of a high enough quality to set up a data room.

3. The sale process is ongoing. This could mean a number of things however I think it would be fair to assume that no parties at this point in time have made an offer which GS feel is worth putting forward to directors.

4. For the first time an ann. has mentioned the term Joint venture. In the Feb ann. it mentioned formation of strategic partnerships. I think/hope the JV reference may be important.

5. The company is looking at rebalancing the companies debt profile and is in discussions with a number of parties. I think this means they are either looking at syndicating some debt or receiving a capital injection to reduce debt. A capital injection can come via an issue of shares or as I have previously summised the sale of part of our assets and form a jv.

6. By the end of the June quarter the company was "gearing up" its operations again. It will be very interesting to see the amount of gas flowing in July.

My conclusion.

There are a number parties who are interested in the assets of MAE, however they are unable or unwilling to offer a price that GS believes is suitable. Thus MAE keep the Data room open, they start showing interested parties that we can produce gas, at the same time try and decrease our debt position ( hopefully by a jv, this would have the added bonus of giving the market a good pointer to our companies low ball value, this should result in a big kicker to our sp).
Over the next 6 months GS and MAE directors will be hoping that the sale dynamics change (these primarily being proving up production, increased gas prices, increased irr, reducing debt, basically derisking our assets)and thus resulting in an offer that is more in line with long term fair value.

IMO a positive announcement and I am more than comfortable with holding on until the time is right.

Good luck everyone and enjoy whats left of your weekend.