Why on earth people are baling out of AZA and go for ROC is beyond me.
AZA has just announced increased production of our crude, which in turn will increase our cash flow quite dramatically to at least $480,000 per day on the 40% ownership, and at around $100 per barrel, and people want to get out.?????????
That is without gas value down the track.
Consider that BPT has sold not so long ago 10% of its stake in the BMG project for about $130mills.
So, if AZA was to sell it's own share they should realize, at about the same rate, $520mills, and with about 370million shares on issue the value of shares would be well in excess of what the ROC offer amounts to.
Also, here we have one of the Directors (who happens that he is Independent mind you, and has no ties with AEL nor ROC), that recommend not to sell, then we have KPMG report that states clearly that the offer is not fair, and people can't wait to get out???
Really, my friends, I am totally confused.
DYOR.
Buddy
AZA
anzon australia limited
