No it's not. The Prima Donna's from Roc want top dollar. For...

No it's not. The Prima Donna's from Roc want top dollar. For HZN's point of view it put's cash flow under their growth plans rather then getting taken over for their growth. There are a couple of aspects unique to the HZN ROC tie up. being the tax offsets and rationalisation of the Beibu field.

What you have to remeber is longer term Roc shareholders got the bejesus beaten out of them form some horrible invetment decisons in the past. Now they want to come over pristine (like ex-virgins) having hold of what's left. (You've no idea how happy I am to have avoided those fiascoes).

So they scare up quasi bids from cash boxes to try and edge the price up. We don't have SPAC's in Aust (yet) and the prices ROC would like, bear scant resemblance to like for like oil assets in the depressed market we are in. It's convenient to forget what the share price was like and for how long before the HZN bid. You're right it was pretty much a busted growth stock before.

It's precious to say HZN are after their dividend. HZN got plenty of cash back from sale of some PNG interests.

I'm willing to bet than when we fix their ex-growth problem they will never give credit for it. Just still bemoan what would (no could) have been (forgetting Anzon and Hardman).