The Suffering Long Term Holders, page-20

Your point appears reasonable, but we must remember that Noel holds a significant share of TDO and with some other large holders onside with Noel a takeover without Noel's support is unlikely to be straight forward.

In this context, IMO Noel can afford to play hard ball. If the market forecasts are half accurate about future gas shortfalls on the east coast, then this all means Noel has a 'good hand' to play. This does not of course mean he will play the hand well, but at least on the grounds of self-interest he'll being doing his very best.

Meanwhile, with an Ann surely due sooner than later, I simply cannot fathom what is going on with the recent falls in SP - I can only guess that more holders are sick of the contd delays.

Interested to hear any other views...Pt