I agree with you AK's opting out doesn't make a lot of sense. Similarly why would Mitchell sell out for 35c. He is unlikely to have a cash flow issue after AJL handed him a $100 million (or something in that order.)
The other weird part to this is what does Landbridge hope to achieve when NHC can stop them getting to 90% and I'd suspect ANZ infrastructure would be in a similar camp having waited this long to develop Meridian into a mid tier producer. These two major holders can hold them out imo.
Infact NHC has the capacity to take this company over at any time in which case Landbridge would make a few million and Mitchell and AK look like they dropped the ball.
It does put the onus on STO (or GLNG) to make a move or leave open the risk they lose all the gas.
All very interesting and I'm tempted to add some but I wish I could work out the motivations of the above parties.
WCL Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
