orion letter to shareholders, page-23

jake

Yes its an interesting situation. But essentially OXX is only offering a price roughly equivalent to OIP's cash! So in one way they are "agreeing" with the valuation that both the merger and the market have put on OIP. If the offer was more like 10-15 cents they might get a significant uptake.

In my (not very considered) view what this will do is 1)create uncertainty about the oputcome of next week's vote 2) force any other players to make an offer for OIP ... and that might include ESG, particularly if they would be unhappy about losing their offspring (OIP) to Octanex and having a different (less "controlled") JV partner.

This move would not have been in OIP's, Morton's or ESG's expectations. If ESG counterbids it will shed some light on what OIP is really worth! The current share prices of OIP and GGX are somewhat depressed due to the drawnout merger imbroglio!

H