"So if you take the board, and whoever Shell has lined up behind them, how close are they to 75%?"
luckycanuck,
Consider one thing mate. And that is that you would have noticed the drop in our sp to way below the previous highs, and less than the offer that was put on the table by Shell via Arrow.
Now, why was that so.....????
IMO, Shell, through some brokers, did some serious shortings in order to soften the morale up a little and kill the enthusiasm that was circulating around here.
Now, we still have a total uncovered shorted amount of shares as at the 20th of September of close to 3,700,000 shares that, with a company that has around 350million shares in circulation, is quite heavy, to be normal or legit.
Then we have shorters that are still working on us the likes of last friday, when 12.3% of the total traded shares were shorted, AGAIN.
What does that tell you ???
To me, it clearly says that Shell, via some Instos/Brokers, and now with the blessings of our Board, are securing themselves a position of leverage that they can easily reach that level that is legally required for them to tell us all where to go and suck eggs.
And it is working as well. Because if you were to look at the course of sales yesterday, and the amount of shares that changed hands, (Close to 60 million shares maind you, and close to 17% or 18% of the total shares on issue), you would soon know what I mean, and realise that what they planned over the last week or two, Is Working Out Really Well For Them.
So, unless we will get someone else coming in with a new bid (A New Bidder), IMO, we are gone. Finished. Kaput.
As for the extra 4 cents on offer above the previously advised one, that was just a face saving exercise for our Board. Reason being, that they told us all in the first place not to do anything and not to sell. So they couldn't very well come out now and tell us that we should accept it after they told us not to.
No one can tell me, nor convince me that a 4 cents increase is a Company maker or a Company buster, lol. Because IMHO, it is nothing more than ludicrous and only peanuts for Shell. They would make use of that amount of money for their morning tea time, lol. It was just a token gesture, and get someone out of the Bull's Excretia.
Am I happy with what turned out ??? Of course I'm not. And I wish that someone would come in asap with another better offer to put/sit them back in their places. After all, the per Gj price offered to us is nothing more than ridiculously low and way below what has been circulating around. But, what we have to do at this stage is to face reality. And, most importantly, everyone should resist the temptation of selling out. JUST IN CASE !!!!
One thing that is still sticking in my mind though, is that when Shell wants something it doesn't want to pay much at all. Look at what happened when they took over AOE for instance and guidance. You'd soon know where I am coming from. Sad, very sad indeed. But that is the way the market goes, and the way the cookies crumble.
After so many years, I am now changing my sentiment from LT Buy to Hold.
Regards.
BOW Price at posting:
$1.47 Sentiment: Hold Disclosure: Held
