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Ipatas supports gov and O'Neill on UBS loan - Printable Version

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Ipatas supports gov and O'Neill on UBS loan - Palm - 03-25-2014

Gov Ipatas echoes what O'Neill is stating regarding political motives by some trying to paint the UBS loan for buying 10.1% of OSH in a bad way. PNG politics are getting as interesting as ours.

"Don’t be misled, says Governor
Source:
The National, Tuesday March 25th, 2014
 Governor Peter Ipatas says Papua New Guineans are being misled on the UBS loan and the politics behind the recent sacking of ministers  from Cabinet.
The Enga governor and veteran politician warned Papua New Guineans to stay away from deliberate lies and misleading statements being spread by politicians and individuals about the UBS loan and the sacking of several ministers from Cabinet.
“I want to caution Papua New Guineans, especially Engans, to be wary of people who are making misleading statements about the UBS loan to finance State shares in Oil Search and the recent sacking of some senior ministers from Cabinet,” he said in a statement.
Ipatas said these issues had generated great publicity in the media last week, with social media awash with lies and innuendo suggesting personal gain by certain individuals.
“These are very malicious lies being deliberately spread for political reasons to create unrest for a political outcome,” Ipatas said.
“I want to warn people from my electorate, and especially Enga students at tertiary institutions, not to be misled by these politicians and individuals.”
Ipatas said the UBS loan to acquire Oil Search shares was a good one for the country.
“I have no doubt that the process was highly transparent. But if anyone has evidence of any impropriety, they should give it to organisations like the Australian Securities and Investment Commission, the PNG Securities Commission, ICAC of Australia and the Ombudsman Commission to look into,”he said."


RE: Ipatas supports gov and O'Neill on UBS loan - Stavros - 03-25-2014

The Independent State of Papua New Guinea acquired 149.39 million shares in Oil Search Limited at A$8.20 per share on February 27.
The current Oil Search share price is A$8.53.

That's a profit of A$49.3 Million in less than a month.
Equivalent to US$ 45.0 Million.

What are the "odds" that OSH share price will dip below (and stay below) A$ 8.20 in the future once they establish the ca$h flow from their share of the PNG LNG Project?

Small to my opinion.

This was an excellent investment by PNG.

RE: Ipatas supports gov and O'Neill on UBS loan - sydbod - 03-25-2014

Worth a read
http://devpolicy.org/the-oil-search-loan-implications-for-png-20140321-2/

RE: Ipatas supports gov and O'Neill on UBS loan - Stavros - 03-25-2014

'sydbod' pid='39806' datel Wrote:Worth a read http://devpolicy.org/the-oil-search-loan-implications-for-png-20140321-2/

One only needs to look at how the Singapore Government invests its money to see that investing a country's wealth in local and international businesses brings enormous wealth to the country and the general population for years to come. Take a look at Temasek and GIC:

http://www.temasek.com.sg/abouttemasek

http://www.gic.com.sg/en/about/overview

It seems to me that only a small fraction of the PNG LNG plant revenue that comes into the Government's coffers will go towards repayment of the UBS loan.

This is a huge "Win-Win" for all parties involved.



RE: Ipatas supports gov and O'Neill on UBS loan - sydbod - 03-25-2014

I share your sentiment on that Stavros.
It is just a shame that the past PNG governments have had such a bad track record picking timely winners.
Now it has become an internal political faction feud and that spells bad luck and delays for any company involved with this deal .... yes it probably will affect IOC and its timing to some significant amount also.

RE: Ipatas supports gov and O'Neill on UBS loan - Stavros - 03-25-2014

To my recollection Botten said OSH has a borrowing facility on standby in case the PNG government didn't buy their share placement.
OSH would then place the 149.4 Million shares on the open market for the same A$ 8.20.
This is a done deal Syd ...
Money given to OSH by UBS ==> Money given to Pacific LNG by OSH ==> OSH owns 22.8% Gross of PRL 15 lock stock and betel nut

To my opinion, there's no reason whatsoever to see any impact on the timing of anything.

RE: Ipatas supports gov and O'Neill on UBS loan - ebster123 - 03-25-2014

It us sad that these feuding factions (ie. BN) care more about self interests than the betterment and wealth of their nation.

RE: Ipatas supports gov and O'Neill on UBS loan - cybersssss - 03-25-2014

This is business as usual in PNG and these types of countries. No delay, no alarm.

RE: Ipatas supports gov and O'Neill on UBS loan - Li'loilady - 03-25-2014

Stavros - Your recollection that OSH had a contingency plan already in place to sell ~150 mil shares @ govt discounted rate of $8.20 is confirmed by an informed independent source that I have.  I'm confident that 0SH will take care of this matter by whatever means available to them.  Botten has made it clear that they reeeally want in on our impending deal with Total.

I will look forward to confirmation that there will be no delay in closing The Deal.



RE: Ipatas supports gov and O'Neill on UBS loan - Palm - 03-25-2014

That plan is no great secret. It's been posted here several times. OSH first put in place a facility with UBS to issue shares when they were negotiating to buy the 16.3% strategic piece from Total. Then last minute they bought the PAC LNG interests funded by this disputed gov loan. The initial facility was for less $$ but that is easily upped to take care of the PAC LNG interests I would think.