MLA,And what is your interpretation for the deliberate diluting...

MLA,

And what is your interpretation for the deliberate diluting of HGO's blocking stake to just under 20%?

Why would anyone in their right mind voluntarily give away that strategic foothold unless they percieved it was in their interests to do so?

As for Knox's comments. Well, I would take all protestations by Santos of not wanting to make a full takeover with a grain of salt.

It is a bit like Tony Abbott saying that Malcolm Turnbull has his full support...


Worst case scenario - ESG does not get taken over. $1.00 is all HGO will get. ESG and HGO's interests are still very much aligned. IF ESG wins, so does HGO.

But if that is the case, and if Santos really has snookered all other potential predataors of ESG, then ESG becomes a future INCOME buy rather than one valued on assets up for grabs in the open market. Because the Santos stake will have put paid to the takeover premium... it would reduce the upside for ESG.


So MLA, what do you believe will happen to ESG, within the next 18 months. Will it:

(A) remain independent. If so, ESG should be now be valued on the basis of its future EARNINGS rather than its assets, and is going to need a lot more capital... OR
(B) Santos successfully takes over ESG, OR
(C) A third party, such as Shell, AGL or other successfully takes over ESG.

Y