IMO the EIS component of the deal has been very well structured. The challenge for Cott will be to add value over the next 12-24 months. The $1m per % point seems conservative to me, with the 3d seismic they should be able to lift the resource numbers. EIS appear comfortable taking paper over cash at this stage.
Regardless the current Market Cap represents little more than cash in bank and the KPL shares
Timing of this announcement would have been determined by the award by PNG Govt, unfortunate time of year when markets are asleep at the wheel. Hopefully CMT will engage someone to publish a research report on the acquisition and gain some traction when the news reaches a wider audience
IMO the EIS component of the deal has been very well structured....
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