ESG 0.00% 86.5¢ eastern star gas limited

final hand will be dealt after 03/01/2001

  1. 947 Posts.
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    This is Mr Lincoln Augustus, first second cousin of Holymagiman.

    Not writing much as we haven't much to write, but that is the way of things. Sometimes much happens and much is writ and then things turn to the contrary, leaving less than a written word to fully define what is happening.

    And as the family has discusse oft times before, ESG expects nothing much before January 2011. There may be a bid, there may not, but one has to fully appreciate that the premium on offer to Hillgrove does put a spoke in the timing of any offer Santos may have in mind.

    For it is not an insubstantial amount that is at stake, and why then should Santos take any chance of this amount being paid, when the ticking clock deftly erases the days one by one?

    So well it may be that any offer from anyone would only come late in the year.

    Another party may be so forward as to make an offer now, but the Eastern Star Board would well be aware that it is in their best interests to not recommend any takeover that results in a settlement before early January 2011.

    At that point, Santos will be well and truly free of the yoke of the Hillgrove agreement, and would therefore, in effect, have that much more money behind it in any bidding war for Eastern Star, should such bidding eventuate.

    Now, we put it to you, would not the Eastern Star Board have a better bid for their share from Santos instead of having the money go into the coffers of Hillgrove?

    And the family feels that a FID has to be made by Santos before it commits further funds for Eastern Star.

    And when that FID is finally made, we feel that there has to be a corresponding revaluation of Eastern Star, as that FID by Santos makes Eastern Star's field have less of a perception of being stranded.

    Of course wiser counsel will rail against this trend of thought, and that could rightly be so, for we are just simple folk with very simple thoughts.

    But that is what the family thinks, that there will be many smokes of the Numba One under the full moon before we see the shadows from the fire on the hill.

    It is drizzling, it is warm, it is another Sunday morning in Kingston, and we have to leave you now, for there are things needing doing that need to be done.

    Blessing of the Lord

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