Phil, Done just that. This is a copy of a complaint I have just lodged with ACCC. I make no assertions that anyone has been paid off. What I do take exception to is that the announcement on 16/8 states nothing but noises valuing BOW at industry averages of .70c gj. The offer was made public 6 DAYS LATER! What I want for all shareholders is the reason why BOW is only worth 25% of industry averages on PRESENT reserves. No one from the company has provided an explanation other than the market has changed or the world situation has changed. Have a look at the IE report notes on ESG that Sath has posted. The IE states that the market is expanding at a fair old clip & expectations are positive for the industry. You cannot have your cake & eat it too. ____________________________________________________________ The board of BOW has recommended an offer from Arrow that is far below the industry average for such transactions in recent times & far below expectation. There has been no information provided by the company to substantiate their stance. The previous information & announcements from the company indicate a far greater price expectation. The valuation placed upon the company is in the vicinity of 20%-25% of what the general feel from shareholders of what would be fair value. There was a recent presentation from the CEO that stated we were on target to attain 6200pj 3P & 1250pj 2P by end 2012. These figures according to all the company information were readily attainable during 2012. The industry average for 3P sale transactions is (according to BOW) is .70c per gJ. This information is available from the BOW website in the announcement dated 16/08/2011. We are under offer at .1645c per gj & the board has recommended the offer unanimously. This offer was made 6 days after the announcement relaying the average transaction price. I cannot feel that this could be construed in any way to be fair & reasonable in the absence of further information made available to the general public. I feel the disclosure regulations have been breached in the instance. ____________________________________________________________ I will post the ACCC reply when it comes in. If anyone else feels the same, I encourage you to visit the ACCC site as well. The more noise the better about this one.
BOW Price at posting:
$1.49 Sentiment: Hold Disclosure: Held
