HolymagimonWill I see you at the EGM on Tuesday if it proceeds?...

Holymagimon

Will I see you at the EGM on Tuesday if it proceeds? Should be interesting!

I loved these comments ... they echo my thoughts as well:

"And so we come to the most recent developments and it will be very good to witness the possibility of Orion slipping out of the control of the present board and its erstwhile affiliates."

I think ESG would NOT be happy for OIP to slip out of their control. They can currently claim that the leases are essentially theirs and have stated that they are strategically important if their gas is to go north. OIP/ESG will try to tough it out and reject the OXX offer as too low (which it is) and mischievious .. and proceed with the EGM to get the merger through .. and worry about any court challenge later.

"And if Eastern Star does put in a counter bid, the family will spend many a sleepless night wondering why the Eastern Star Board is suddenly squandering the shareholders money on an asset that has been given such low value by the independent assessor."

I always thought that the intention would be for OIP or the merged OIP/GGX to sell the remaining CSG rights to ESG. That may be more difficult if the leases are "owned" by OXX! Gets interesting doesn't it. A move on OIP by ESG would as you say be hard to "sell" given how poor the csg prospects are!!! LOL!!

"And again, if ESG does vote for the merger and then finds that the whole deal has become undone because of Octanex's move,it would be most interesting to see if Eastern Star Board goes on to make a strong takeover offer for GGX, since it appears to be such a fine company with such exciting prospects, and has such a fine and ethical Board."

IMHO Morton, Casey and co may have been trying to be just a little tooooo smart on this whole exercise. Its blatantly obvious to all independent observers that OIP does not need to merge with GGX ... its the other way round. The previous ousted board didn't see the attraction either!

H