While Farjoy can prevent a compulsory acquisiton which requires 90% of shares, a committed buyer may simply buy a majority stake to assume control. Farjoy's blocking stake is more inconvenience than deal breaker. Should Comoco and/or Cairn bid, they could perhaps offer a 60% premium and I and perhaps 80% of shareholder would accept. They control the asset and operation, so FAR is only a sleeping partner now - the bidder need not fear the business unravelling.
At that point the ASX may ask FAR to delist.
Not ideal for anyone, but it highlights that a blocking stake is not a big deal when this is just a non operating shell.
I think however that Conoco has been very kind already, in swallowing cost over runs, so appears to value its reputation as a good company to work with, and not a predator. With that said, I give FAR 12 months. Once 2P gets close unofficially, if results are good, FAR will be a better investment than spending on exploration. I would happily take 15c+.
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Last
51.0¢ |
Change
0.015(3.03%) |
Mkt cap ! $47.12M |
Open | High | Low | Value | Volume |
50.0¢ | 51.0¢ | 50.0¢ | $51.68K | 102.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 75177 | 50.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
51.0¢ | 187769 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 75177 | 0.505 |
1 | 62764 | 0.500 |
4 | 219438 | 0.495 |
1 | 99999 | 0.490 |
2 | 104597 | 0.485 |
Price($) | Vol. | No. |
---|---|---|
0.510 | 187769 | 3 |
0.515 | 103300 | 2 |
0.520 | 335203 | 4 |
0.525 | 100000 | 1 |
0.530 | 20000 | 1 |
Last trade - 15.45pm 30/08/2024 (20 minute delay) ? |
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