HNY all!Couple of points regarding the above discussion1) dates...

HNY all!

Couple of points regarding the above discussion
1) dates - TXN is currently due to lodge the Merger Scheme documents. That will give a merger date with SEA.

Interestingly - given TXN's current cash position (ie $16.8m - 3 x $9+m wells = none currently so they're using debt of up to $25m) the Talon demerger can't happen until right after the SEA merger(SEA has promised to reimburse cash costs for EFS drilling net of proceeds to TXN)

As a result my guess is that the Talon entitlement date will be just before the SEA merger and the Talon demerger just after.

For the date of the demerger - the following is from the 62 page doco lodged 13/11/12:
Scheme Implementation Agreement signed 13 November 2012
Scheme Booklet lodged with ASIC for review December 2012
First Court hearing occurs January 2013
Scheme Booklet is despatched to Texon shareholders January 2013
Texon Scheme Meetings held February 2013
Second Court hearing to approve Schemes February 2013
Implementation Date March 2013

I just checked ASIC and nothing has been lodged yet. Be interesting to know why. Can I dream of another offer?

2) Value of Talon. My original guestimate was that Talon would end up with $10m of cash. Given the new debt funding & new leases they're chasing I going to revise that down to $8m, add in the Olmos ($15m? - they sold the other Olmos parcel for about $12m and it was smaller) + new leases(take a great big guess). With 256m shares = $0.03/share cash + $0.06/share olmos + $0.0x for new leases. Say $0.12 share?

Wouldn't hold your breath though. TXN's board is openly following the strategy of find, prove and sell... but the market has lost faith in TXN's board to get their timing right to get the real premium prices that are occassionaly available in the EFS. So until they do something different to restore the market's faith they're going to cop a discount.