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Yes and under your scenario Farjoy would be required to access...

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7,712 Posts.

891

07/09/15

09:06

Post #: 15945373
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Originally posted by hotdog159 ↑

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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Yes and under your scenario Farjoy would be required to access capital to fund their share of e&d. Not a savory situation for them or anybody else that decided to hold into a delisting. And COP aren't Santa.

Last edited by rolling: 07/09/15

FAR Price at posting: 7.0¢ Sentiment: None Disclosure: Not Held
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(20min delay)
Last 49.0¢		Change 0.000(0.00%)		Mkt cap ! $45.28M

Open	High	Low	Value	Volume
49.0¢	49.0¢	49.0¢	$2.225K	4.541K

Buyers (Bids)

No.	Vol.	Price($)
1	9637	49.0¢

Sellers (Offers)

Price($)	Vol.	No.
49.5¢	3621	2

View Market Depth

No.	Vol.	Price($)
1	9637	0.490
2	30000	0.485
4	89930	0.480
2	70000	0.475
2	78150	0.470

Price($)	Vol.	No.
0.495	3621	2
0.500	13157	2
0.505	10000	1
0.510	129688	3
0.515	2239	1

Last trade - 10.02am 26/07/2024 (20 minute delay)

FAR (ASX) Chart