Takeover Bid Issues

Interesting to see what the key issues for the bidder are:
1. Waitsia Petroleum Licences Renewal for L1 & L2 that expired in May 2014: Anyone know what the consequences are if this cannot be renewed?
2. Waitsia Reserves & Resources (They've mentioned the broker hired by RBC used an overly optimistic forecast of 150TJ/day for Waitsia so they dismissed RBC's share price outlook)
3. Waitsia Development Timing and Capital Expenditure

Just wary as if anyone recalls Vocus - SP at 3.5 prior to bid. And then out of the blue - bidder pulled and SP tanked.