JTYes they should all be very embarrassed! RL, DM and ESG....

JT

Yes they should all be very embarrassed! RL, DM and ESG. Mulready's have revalued a couple of things down in GGX's portfolio like Canning Basin assets, but you are right OIP has used the letter from BDO as an "out", but I suspect the real reason is that a lengthy legal stoush could not be afforded by either OIP or particularly GGX.

What the board and particularly DM have done by this exercise and why they HAVE NOT acted in our best interests is demonstrated by 1) the fact that it was always a bad deal for OIP and now the IE agrees 2) the OIP share price has been HALVED by this exercise 3) they have left OIP VERY EXPOSED because by their own initiative they have demonstrated and highlighted the exact value of their assets for all to see .. and its actually about 12 cents per share based on assets valued at $7.7m and cash of around $11m and 155m shares .. but less fully diluted.

So anyone who wants to make a serious move on OIP now that it is not encumbered by the dud GGX assets (and I don't consider the OXX offer serious) has had their DD done for them!

I have always maintained that it is in ESG's interest to keep OIP in its sphere of influence for strategic reasons .. so their hand may be forced if someone else moves on ESG.

What do you recko Holy?

H