My post 9154714 4 days ago had the same ownership change theme.
I see it as a numbers game that uses the DV type issues to advantage to change the ownership percentages of the co, a defacto takeover at absolute rock bottom prices. Necessary due to the type of business, the sovereign risk level, the failure of the largest capital expenditure project to date, and more. Capitalism rebirthing at it's best.
It looks like Athan's favourite play, nothing would surprise me on future direction of the co except what's with the Indonesian friendly name change ?
I have no malice about what is happening btw or how it's being done, or who is or isn't involved. The original shareholders are obviously so apathetic now that new everything is needed.
Imho this was all worked out ages ago as a contingency for administration and a way of maximising the value of the Bakrie partnerships. Kerry has done a magnificent job of keeping the faith but now is time for a different approach to the running of the Co. I'm not fooled by his resignation btw, not being a director has it's advantages.
Usually this is done with companies with much larger asset bases so seeing it done with a minnow is something new.
Whether it will be pumped and dumped or whether the intention is to keep the assets producing is the main question for me.
Need to know more about Pacific Energy and it's intentions.
PAX Price at posting:
2.0¢ Sentiment: None Disclosure: Held
