Nothing new in today's ASX announcement except a bit of spin. F'rinstance there is no more coal seam gas experience on the Board now than before the other directors resigned. This whole deal looks more like a reverse takeover than GGX merging into OIP. All the directors except the ESG guy (Edgar) come from GGX. One thing that could stir up this deal is if the CSG drilling is a success. OIP shares will shoot up and the 2.25 for 1 exchange rate will look ridiculous. You'd think ESG should be able to see then that giving away a third of their OIP shares is stupid. Why is ESG even backing the deal? If its because Morton was the company's MD, then this is pathetic and ESG shareholders should also be spitting chips.
OIP Price at posting:
10.5¢ Sentiment: None Disclosure: Held
