re: Ann: Landbridge Energy Australia T/O Chin... L/B cannot buy...

re: Ann: Landbridge Energy Australia T/O Chin... L/B cannot buy on market.
they can only do that when they have declared their bid Unconditional - and they have not yet done so. Of course they could do that at any time now.

IF they do declare Unconditional, then start buying in the market, they then must pay all s/h who accept their bid, the highest price at which they bought shares on the open market.

So, if you accept their bid at 40c, then L/B declares bid Uncond, and then goes into market and buys shares at say 43c, then L/B MUST pay you the same price of 43c. I am pretty certain that how it works.

The basic premise is that, in an Offer, a bidder cannot pay one s/h one price, then pay another s/h a different price.

The bidder L/B must advise the market DAILY, of any change in its s/h under the bid.
We have had no notification of change to ASX of their s/holding, so one would presume that L/B has received no acceptances of their Offer.

If a 3rd party buys 5% then they do have to lodge a Sub S/h Notice.
I think if an entity who is associated with L/B were to buy shares on market, then they would need to declare that s/h with L/B - so one would hope that no funny buggers are being played.

It seems to me there are a couple of good bets:
1. there WILL be a counter bidder
2. it will arrive before the L/B Offer closes on 24 June.

Have no proof whatsoever!

Wouldn't a bidding war be nice?

But everything points to that imho.
Not just wishful thinking.

WCL Target Statement categorically states that WCL is in discussion with a number of parties.
these parties were "obvious" and "not so obvious".
I was thinking of maybe Private Equity players.
But upon reflection, other experienced CSG players could include entities like Sentient and the Elphinstone Group.
Am just speculating - but these guys are well experienced, have history in CSG, and have deep pockets.

WCL is an investment proposition now. Its different to other small CSG coys imo.
Most of the risk boxes have been ticked.
As L/B delighted in highlighting, all they could point to was funding risk, and production risk.
Well, funding risk, imho, is a non-issue. The ramp-up into the GSA is at the discretion of WCL, and WCL will easily raise any funds by debt, leaseback etc. No need for a CR.
The Production risk is there (as it is with all O&G coys) but is mitigated by 15yrs of production, and consistent flow rates on 12tj/d without new wells being drilled - plus a Validation Report confirming WCL assumptions re field Development.

So frankly, imho, the L/B arguments as to why we should accept their opportunistic bid, are simply B/S.

All we s/h need at the moment is PATIENCE. I reckon we will be rewarded.

cheers
DYOR !!!