re: Ann: ADE: BPT: Beach launches cash bid fo...
I reckon the real question is whether they're committing themselves to the region in the long term or just looking for an opportunistic chance to sell. Taking over ADE suggests that they'll have to divest something, as Muzzarati and others have pointed out. But will they just walk away from the whole exercise after selling to the highest bidder, as they did with their CSG assets? I'd like to think not, but someone's definitely going to need more capital to get the shale/basin play off the ground.
The company's also selling very close to their recent top, and this time it's approaching the top slowly, whereas from memory it happened very sharply last time.
I bought into Beach during the GFC and have topped up several times since, but I'm starting to think it might be time to lighten. (Wish that was an option on the HC sentiment list!) I'm not goin' nowhere till the result of the ADE move plays out, though. I remember the doldrums after the failed DLS bid, but this one I think they'll win.
BPT Price at posting:
$1.24 Sentiment: ST Sell Disclosure: Held
