re: Ann: Withdrawal of initial T/O and announ... where do we...

re: Ann: Withdrawal of initial T/O and announ... where do we start?
it is no surprise that L/B launched its bid.
what is a surprise is that EIT accepted at 40c.

It has been explained to me, that the decisions relating to the acceptance/non-acceptance of the L/B bid by EIT, is a decision made by the Trustees of EIT- not by John Clarke.

John Clarke is the M/D of the Managers of the EIT trust.

I understand that the decision of the EIT to sell the shares to L/B was made by the Trustees, and JC was not a part of that decision. And that makes sense, because JC is also a Director of WCL.

So imho, it is misleading of L/B to infer that JC agrees with the decision of the Trustees to sell their shares to L/B.

IMHO, this is important because it infers that JC's view of value of WCL shares, is the same view as that of the other ex-directors of WCL ie AK and NM.

We have not heard from JC as to exactly what his position is!
And I will bet that the Board of WCL unanimously rejects the bid, and says it stinks!

The other issue as to why those statements are misleading, is that EIT has actually already sold 50m odd shares to L/B at 40c. EIT will get no benefit if L/B lifts their offer at a later date!

So JC and the rest of the WCL Board said that 36c was "manifestly inadequate".
So when EIT accepted 40c flat, where has it been said that JC believes that the 40c Offer is "adequate".

It is important, because L/B Offer implies that we should accept their paltry offer because JC is the M/D of the Manager of the Trust, the Trust accepted 40c, and JC is a Director of the Target WCL. Thus the inference is that if a current Director of WCL in his capacity as manager of EIT allows/directs/watches the Trust he manages accept the Offer, then we should also.

IMHO, the only valid reason why we might accept, is that the offer is 40c cash now. the rest is mostly B/S imo.

the stuff about funding uncertainty, and production uncertainty is b/s - because we all knew that already. And that is why the shares were trading below 30c! So is an extra 10c proper value for removing that uncertainty?

they talk about the downside if we don't accept - but they don't talk about the upside if we hang on.

you will note that WCL still has not given L/B access to due diligence.
It seems d/d is not a pre-condition!?
So L/B is offering to pay $178m without lifting the skirts of WCL?!
So how much of a bargain does L/B anticipate that it can pay $178m not knowing what it is buying??

there is no doubt the Offer of 40c is poor, it is opportunistic.

they have a minimum acceptance level of 51% - but they can waive it any time.
they can string out the Offer period for months and months and months.

I am sure if we accept their offer, and if they do not get their 51%, they will waive that 51% condition, and keep your shares.

then if STO or GLNG come in and offer you 60c or whatever, you are buggered, because L/B has kept your shares.

IMHO, I still think GLNG will be alarmed to see L/B, with no experience, and probably aligned with their competitor Petro, get control of their gas.

And I am hoping that GLNG or Santos will make an offer above L/B.

There is no rush for s/h to accept the L/B offer.
We should all sit back and wait, and see what the Board recommends, see what NHC does, and see what STO/GLNG does.

if you sell on market, it will surely be at less than 40c, and you will lose any prospect of upside -- DYOR !

anyway- it's all happening - but the Fat Lady is still sitting outside, smoking her ciggy.

cheers