the sensible and conservative view would surely be that Beach...

the sensible and conservative view would surely be that Beach has enough on its plate bedding down Lattice?

But how often would an AWE opportunity arise?
AWE is now in "play". It will go.
We all hear Waitsia is the prize.
That would have been the driving force in Beach acquiring Lattice.
Have a look at their AGM preso- they state Beach can payoff their acquisition in about 4-5yrs.
They state that proforma net gearing at Completion of Lattice will be <35%, and end 2019 will be <25%.

Beach says of Lattice acquisition: "....the significant increase in cash flow and reduction in earnings volatility which these long term contracts deliver allow us to confidently target a net debt free Balance Sheet by the end of FY21, if so desired. Although this is unlikely to represent an optimal capital structure, it does demonstrate the strong cash flow generation of the enlarged operations, which is a key attraction of the acquisition."

it also says pro-forma liquidity of $300m after completion of Lattice.
I know beach took on $1,300m of debt to acquire Lattice, but look at cash flow.
Maybe a scrip bid makes more sense?

So AWE assets are so complimentary to those of AWE - Waitsia, Bass Gas , Otway. they can dump overseas assets.


So how happy is Beach going to feel that an inexperienced Chinese coy, or a mining coy with no O&G experience is about to become Operator of their prized asset Waitsia?

Beach is such an experienced O&G coy. If it is busy with Lattice, all it needs to do is buy the shares in AWE, and just let the AWE mgt continue what they are doing.
I am sure that's what Chinese and MIN will do also.

What really surprises me, is that no one yet, has acquired a blocking stake in AWE.

If I were Beach (and intended to acquire AWE), I would come up with a price which would secure 19.99% from the biggest s/h, then lob a bid.

They could offer either cash or scrip.

Would a big s/h in AWE be more interested in scrip from another O&G coy, or scrip from a mining coy?
If you wanted mining exposure, surely you would just buy mining stock?
anyway - just speculation on my part.
if you can guess whats going to happen, then you can better prepare.
good luck
cheers