What asset does EOC have to sell??? Well the most obvious one I can see is the one that could go into production in just over 12 months and requires a Capex of only $42m. Are you suggesting that MDS has no value? Of all the coal explorers on the ASX MDS is my favourite project as it has the most likelihood of actually getting funding and being mined in the shortest timeframe. Happy to hear why you think MDS does not have any value.
As for Tinkler - I agree that on face value this appears to have been a huge mistake. But have a look at his involvement with Blackwood where although Tinkler has committed to injecting capital (similar to EOC) after a month of it being overdue he has still not stumped up the cash and Blackwood are preparing for the funds not to be come at all. My point therefore is it is very possible that management didn’t want Tinkler on board so as to keep their jobs (and that is terrible), there is also the possibility that the terms of the Tinkler offer were so loose that it would have caused more problems than it was worth. Maybe someone should ask management about it at the EGM.
I am the Iceman!
EOC Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
