Takeover Bid Issues, page-6

BPT would probably have pre-emptive rights over AWE's interest in Waitsia, but only if the interest in the permit was sold.
CERG is offering to buy yhe shares in AWE, so the ownership of the interest in Waitsia will not change (AWE will still own it). So I would expect no pre-emptive right problems would arise?

But I was wondering --- what interest might BPT have in lobbing a counter bid ?????

BPT now has Lattice. There are plenty of complementary assets.
BPT/AWE would own 100% of Waitsia - which is going to spin out big quantities of free cashflow. Owning 100% of W would have many advantages for BPT
BPT (via Lattice) has plenty of Vic assets spitting out good cash flow.
AWE has 25% of Otway/casino Henry fields which are producing - and BPT/Lattice I think has producing fields right beside Casino Henry, and there are negotiations between owners re rights to production
Bass Gas - BPT/Lattice own 42.5% and AWE own 35%. Makes sense to consolidate, as Bass Gas is now worked over and pumping plenty of gas and condensate. Also the partners are looking at further dev't to utilise existing infrastructure.

I thought BPT would be full up with their acquisition of Lattice.
But BPT, even after Lattice acq still has cash and borrowing ability.
The BPT share price is way high - maybe all time highs at $1.125 today.
there was plenty of Insto keen to get into BPT as result of Lattice.
Seven has plenty of financial muscle.

what about a strong equity bid from BPT ???

I reckon the CCERG mob claim to produce LNG to ship to East Coast is Bull......
They will ship it to China - that's why they want AWE.

So am wondering if BPT might have a go at AWE.
FIRB may be a problem, and BPT would be happy to fill gap???

cheers