Seems incredible that they can recommend and talk about the merger like a fait accompli and be spending money on implementation before receiving expert opinions on the fairness and reasonableness to shareholders.
Just goes to show how weak our regulatory systems are. The JV with Santos on wet gas appears successful. Wouldn't it be fair to provide shareholders with some estimates of its value to DrillSearch going forward. Shareholders of DrillSearch are being losing in more than one way through this merger in my opinion. Did I hear Jim McKerlie say we were getting a 30% premium over a long term VWAP. Three months is hardly long term and you've only got to look at what happened to the relative share prices in that time.
The trading in each companies shares during that 3 month period should be investigated in my opinion.
Eshmun
DLS Price at posting:
69.0¢ Sentiment: Hold Disclosure: Held
