re: Ann: BPT: BPT secures rigs for shale gas ... OR - do a Placement to someone OTHER THAN Beach.
ADE can place 15% of equity each year without s/h approval.
whilst they may not get the placement away at 16.5c, it very well could be better than locking-in to the "squirrel-grip" of Beach !
the merger of ADE and Somerton is a different issue - and again, with the proposed placement to BEach, gives over ADE to Beach.
the Board of ADE is required to consider the effect of handing control over to Beach, if this merger goes through. It will be curious to see the justification of allowing Beach to get control without a takeover premium being paid - and THAT is the purpose of the merger proposition imho!
and, just because Beach pays 16.5c /s now, does not mean s/h will get the same 16.5c /s later on, if Beach ever decides it wants 100% of ADE.
having watched how Beach operates, Beach will be happy to squeeze that squirrel-grip if it suits their purpose.
they are good operators, but one needs to be on the same side of the fence.
hold no shares in ADE, but watching with interest.
good luck.
cheers
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