Perhaps the market is valuing both companies fairly similarly,...

Perhaps the market is valuing both companies fairly similarly, but CLR has more cash- $25m with $7m expected to be spent this Quarter, whereas EOC has $5.2m with an expected outflow of $3.7m to be used. That may put EOC in the "capital raising" basket, although with this S249D thing going on, and with HSBC complaining about the previous capital raisings, who knows how that will go.

I find the HSBC thing a little weird. I don't know if it has to do with the change of advisors- Grant Samuel to Macquarie, or if indeed HSBC expected no raisings and no coal price dive, but these companies all raise. HSBC is not really known for being an activist shareholder. Whilst their claims could be seen as strictly legitimate- as EOC may not have done what they said they would do with the cash from the IPO- surely EOC would not be the only one in this category.

And the "expressions of interest" situation seems to be ongoing, with perhaps no conclusion there until the S249D is sorted. Do HSBC want Grant Samuel back in the role, to resolve the "conflict of interest" Macquarie has as a shareholder and advisor? And how much time will this all take?

I am also surprised at the lack of liquidity EOC has. It was holding well @ 27c, and has a new holding price now of about 24c, but it is rarely traded. How could one of our best coallies be so thinly traded? It's a sitting duck, imo, and any suitor will be happily watching this HSBC/management dispute. If HSBC "win" their claim, then the SP and liquidity could be restored, but EOC is currently an oddity.