The cash is definately needed (better to be doing a cap raise at a premium than at a discount to sophisticated investors). Starting to wonder though if BPT having such a large stake (could be around 30% once they exercise options) is in our best interest. Just thinking it might deter any future corporate interest if other companies think BPT would never really sell their stake, would take away any takeover premium the SP might attract down the line. As for SNE would have to see the detail of the offer, but taking a quick look at them ADE looks a lot further down the track in relation to exploration and even production therefore we would want a fairly substantial premium to their shares I would think. Could anyone tell me what percentage of votes is required to pass this share issue (is it >50%?).
ADE Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
