OGOG bought a controlling interest in NZOG of 62% which in turn has a controlling interest in CUE (50%) By buying out the minority holders of NZOG and paying a decent 25% premium they have indicated that they see excellent prospects for NZOG+CUE and want all assets and the efficiencies of one having all assets under one umbrella. If NZOG minority shares are worth a 25% premium then CUE's are worth that and arguably more. CUE is cashed up, pumping Brent at record levels (partner HZN confirm) with several excellent prospects. CUE has been unfairly valued by the market as we all know. CUE hold a 21.5% stake in Ironbark while NZOG hold 15%. Seems obvious to me that OGOG will offer at least a 25% premium for our shares by a scheme of arrangement. By the time they do that 15 cps will be the offer. That is a bargain for them but given the 50% controlling interest there can't be a bidding war so that is all we will get.
CUE Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
