re: Ann: Acquisition and Demerger Schemes Ind...
So, Before we had a 1 for 1 offer on the table, and now we have a 1 for 2 offer. Why the change.?? Have we been misled from the beginning, and/or is it so that they can issue more shares for capital raisings, and to themselves of course as part of their emoluments, in the future.?? After all around 400million shares to start with is better that around 800million of them.
How can an offer being changed if it hasn't being announced.?? Or have I, and someone else that post the 1 for 1 misinterpreted the original offer...??
And then, here we have NAB increasing their holdings dramatically now past the 10% mark.
What in the hell is going on...?? Is it for the purpose of lending them out at a huge percentage profit rate (it is quite common at times that companies do that in order to increase their voting power at the expense of the retail shareholders, and of course all with the blessings of both the ASX and ASIC) when the votes are counted, or is there something else on the sideline which is unknown to us.??
And now the Independent expert says that we have been offered per share more than what it is worth. Now, where did they get those informations from..??? Where did they get those figures.?? How come that the per gigajoule rate offered to us is the lowest on record, and yet they say that we have been overpaid and of course a fair offer..?? Where.?? Nowhere else but from AOE. Did they ask you and I and/or another Company what AOE is worth.?? That is where they got the information to prepare the report from, believe me. Being there done that..!! I have been through that before. And if anyone care to ring the Independent Expert, and tell the Forum what he/she found out, it would be very much appreciated.
Why hasn't the data room being opened up to other interested bidders and why didn't AOE Management announced that such a thing (opening of Data Room and open invitation to all prospective and interested buyers that is) to the market..??
Here we have huge CSG reserves (So the Management lead us to believe with all the Announcements), heaps of cash on hand, agreements that we could have sold all of the LNG we could have made from the LNG JV plus having to supply all the CSG needed for such a production, power generating plants, and the list goes on and on, and we get that pitiful offer and being told that it is a fair offer.!!
I even remember when AOE was bidding for PES talking to one of the head honchos why didn't they increse the offer for PES and he told me that we had so much gas in the ground that it could last us for an eternity and more than anyone could even imagine. And that is worth nothing??
And yet, think about it, while this is going on, as I wrote above, the NAB is increasing/enlarging their foot hold in the company.
No. Nothing makes any sense to me anymore, let alone the refusal of the Board explaining as to why they chose this road. Now, consider that by just supplying the gas to Shell or anyone else who was going to build the LNG trains and requiring assurance of supply, we would have made a motza. Even if we were to build more power stations we would have been far better off for God's Sake.!!!
Yes, we may get the Dart shares in the end if this thing will go through. But, I very much doubt that I will stick to this Board and Management again. Once bitten twice shy. But do you think they care..??? Not one very small iota.
Looking after Shareholders..?? You have got to be joking aren't you??? Number one is what they are looking after. And, it is all like water on a duck's back for them.
IMHO, we have been had. Well and truly.
Buddy
AOE Price at posting:
$4.90 Sentiment: Hold Disclosure: Held
