They have announced the deal quite a few months ago. AKW jumped the gun and made announcements without GGP.
Was this trying to force GGP into a corner, AKW seem to be a very strange bunch at the best of times. Remember AKW bought the prospect around Feb/March 2010 and did absolutely nothing with it - Perhaps it was a real estate deal and they sat on it for a while.....LOL
GGP countered with announcing the deal had broken down and agreement could not be reached. Was this posturing?? or was it just firing a shot over their bow to wake them up??
GGP was then able to drive a better deal with an embarrassed AKW negotiating team. GGP then announced agreement had been reached for XYZ $ + shares.
What I do find most interesting is that AKW were going to give away the GGP shares to their shareholders on a 3 for 1 basis. This gesture seems to have been deliberately forgotten about and I have not seen nor heard any more of it.
Are AKW now going to keep the shares in kitty as they will be worth a lot more to them down the track?
It seems to me that GGP have been keeping most of the details quiet and are actively trying to acquire additional neighboring leases. They are also negotiating with a JV partner, possibly another reason to keep most details quiet.
Finally GGP has announced they intend to drill the PB lease in March.
Time will tell, don't blindsided either way - applies to all of us.
GGP Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
