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No confidence in Tap's Independent Directors, page-15

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Windsor76

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16/08/18

09:42

Post #: 34969347
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Originally posted by Al99 ↑

Jonric

The non affiliated directors have issued a target statement, with valuation for the initial Risco bid. I think you need to look at that and see the valuations which has been provided. The information you seek is in that document.

The lifting schedule is happening as expected, with some small upside on volumes and price. It is not a major change from the expected outcome. The recent update has more or less confirmed that.

The upcoming liftings will provide revenue for the business, but again the costs and taxes will need to be paid or provided form that available pool of cash. You are also ignoring the capex profile which will need to be spent in the future. Again this is provided in the initial target statement.

It is good to focus on the revenues as you have done, but there are also these outgoings, which you seem to ignore.

I do agree with you on the franking credits as they are of value to Australian shareholders. Unfortunately over 50% of the shareholders are from overseas jurisdictions and are therefore of lesser value than to residents. I don’t expect these to be distributed to us, but I can always be wrong. I have spoken with the board in regards to Franking credits in the past, but have not been able to get any real engagement.

The trading halt is a great outcome for us as it shows another player is interested, probably Chatchai. A higher offer will be welcomed, which underlined my reasons to hasten slowly on the Risco bid. This will also bring forth another process and probably another Target statement.

This is good news.

Wait and see

AL

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Mubadala must know the value in TAP. Maybe they have agreed on a price to buy Chatchai shares for say 12c. Then they move to a full T/O of TAP at 12c. Once they get to 51%control they could announce a 4c div. Would be a great deal for Mubadala. On another front , keep an eye on CUE as another potential Asian low ball t/o OFFER.

TAP Price at posting: 9.1¢ Sentiment: Buy Disclosure: Held
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No confidence in Tap's Independent Directors, page-15

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