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+--- Thread: My take this AM (/showthread.php?tid=3016)
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RE: My take this AM - jft310 - 03-12-2013
Whats 100% financing of an LNG plant worth with a completion guarantee to the IOC stock price?? Quite a bit more then the price paid one must conclude because of the future cash flows now guaranteed and in addition it would allow IOC to continue as seperate entity.What happens to the current offtake agreements? Are they replaced with JKM offtakes??Most would think yes.
Can a deal be cut with Exxon for a short term supply of NG if they were to lose out to the JKM bid??Or could both win Exxon and JKM working together to monetize IOC's assets.???
RE: My take this AM - johnwgrant - 03-12-2013
(03-12-2013, 09:04 PM)Palm Wrote: "Is JKM acceptable to the PNG government?" They must be because all final bidders are approved by the PNG government. The only alternatives are: 1. JKM didn't participate in final bidding 2. CV is a liar and cheat like the rest of management and BOD.
Palm - I did not hear this in the Raymond James latest presentation. Did CV explicitly say that all final bidders were approved by the PNG gov't ?
RE: My take this AM - jft310 - 03-12-2013
CV stated all bidders were PNG govt approved on the CC.
RE: My take this AM - cybersssss - 03-13-2013
Please explain to me how and why you think this is a bidding war?
The whole purpose of having bidders is so that you entice the bidders to give their best price. If you win something on ebay does the owner then come to the second place guy and ask him if he wants to raise his bid? The answer is no. I do not believe there is a bidding war at this juncture, it just does not make sense. They are just figuring out the deal, that is it. If there is a bidding war later it is for a take over of the company.
Correct me if there is a flaw in my thinking.
RE: My take this AM - Getitrt2 - 03-13-2013
I mostly agree, jft, but I think there is essentially "surety" of financing with any of the bidders apparently taking part and that it will not cost IOC 50 cents per mcf, or anything close.
RE: My take this AM - jft310 - 03-13-2013
Getit-Hope you are right. So maybe all the bids will be lower by 50 cents and each bidder brings financing?
RE: My take this AM - jft310 - 03-13-2013
'cybersssss' pid='18654' datel Wrote:Please explain to me how and why you think this is a bidding war? The whole purpose of having bidders is so that you entice the bidders to give their best price. If you win something on ebay does the owner then come to the second place guy and ask him if he wants to raise his bid? The answer is no. I do not believe there is a bidding war at this juncture, it just does not make sense. They are just figuring out the deal, that is it. If there is a bidding war later it is for a take over of the company. Correct me if there is a flaw in my thinking.
Cyber compare this to an auction. Your first bid may not be your last bid, Thats exactly what happened with Cove , spiralling upward bids.
RE: My take this AM - Getitrt2 - 03-13-2013
'jft310' pid='18659' datel Wrote:Getit-Hope you are right. So maybe all the bids will be lower by 50 cents and each bidder brings financing?
I also said I don't think providing financing will cost $0.50 per mcf. The Company has also said that it expects to cover its equity investment, typically about 30%, from sell down proceeds. I don't pretend to have inside information or to be an expert, but we shall see, hopefully before very long.
RE: My take this AM - cybersssss - 03-13-2013
I agree JFT, that is why I said that the REAL bidding war is when a tender offer is made for the company. This is as opposed to what IOC did with seeting adeadline as to when bids were do and saying they will select a final bid.
RE: My take this AM - SamAdams - 03-13-2013
Yes, my take is that final bids were due. We are not in an auvpction process unless a losing bidder or a hostile makes an offer for the whole company. Bids would have to be "normalized" to account for different $s per mcf, financing, cash upfront but I don't think this was meant to be round one. They need to wrap this up and move on to an exciting future.