takeover bid news, page-6

when AZT and WHC decided to get together i wrote to my clients saying that M&A aside, there are simply no coal plays left and GCL was a stand out buy... here is what i wrote. So now that GCL is potentially gone...what's left...really I.N.T.H.

Gloucester (GCL.AU) - The new Whitehaven will be the largest Aus listed coal play by mkt cap and second in resource and reserve term only behind to NewHope (NHC). (check out the chart from the AZT WHC preso) Now, Newhope is in discussions to potentially sell some assets. So there’s not much left if NHC sells... The new Whitehaven will be the largest coal stock in Aust, followed by a lot of exploration plays. This is where Gloucester should come in and pick up 2nd (if NHC goes) or 3 rd place. With only 10% less Resource on an equity basis compared to the new Whitehaven, it looks cheap as it has a market cap of only 31% of the new Whitehaven.

Cockatoo (COK.AU) same kind of rationale as GCL but no production yet, but lets say half the reserves at less than 1/10th of the mkt cap?

Coalworks (CWK.AU) could benefit from any Broadwalk developments. Either from talk of consolidation or valuation read-throughs is/when Broadwalk is finally swallowed up.
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COK and CWK clearly have X's marked on them for the next rally. When MCC went, where did the cash go? into AZT that'
s where...so where will the cash go next?????