re: Ann: OXX: Octanex bids for Orion Petroleu... Ummm...it's...

re: Ann: OXX: Octanex bids for Orion Petroleu... Ummm...it's pretty obvious why OXX want OIP - they get $11.5mil cash @ about 50% discount. That's a pretty decent overnight return by any reasonable calculations.

This IS a lowball offer BUT it is far better to have OIP's cash spent on a range of reasonable prospects rather than flushed down the gurgler for the benefit of Morton and his mates to save a company that is clearly sinking.

I'm wondering if there won't be legal moves early in the week to prevent the OIP/GGX meeting going ahead. Perhaps someone could call RL and ask his view on the likelihood of the meeting proceeding as he seems to have a fair bit of recent experience in this field.

So IMO the bid is superior to the current offer AND OXX shareholders can't be too unhappy because they're going to double their outlay immediately as well as ostensibly pick up OIP's other assets for free.

Is anyone selling popcorn and front row seats for Tuesday's main event (assuming it goes ahead)?

JT