04-27-2013, 03:17 AM
'Getitrt2' pid='21558' datel Wrote:bonk and other shorts are using Phil's interview to claim that not only has no partner been chosen yet, but that there are still just "bidders", whose offers probably are not very good, and a final decision will wait for a new CEO, which will likely be "months away". What the Company is saying contradicts that as well as other claims. They are saying that they have a preferred or leading bidder, and that the current board of eight directors, which of course includes Phil now and after April 30, is making the final selection of the partner(s). That indicates to me that this BOD will not be waiting for a new CEO, which could be any time, to finalize a decision, that they are moving to get that done. Of course, once that decision is finalized and an agreement reached, they will be required to disclose it, regardless of the status of the CEO position. They are also responding to claims that the PNG government will make the final partner selection decision. They are saying that the government is "involved" (obviously), but that all bidders are acceptable to the government and the BOD will make that final decision.
More likely the new CEO is awaiting the SD partner selection. He then will know who he is working with and will have more clarity on his role. If we are headed for a buy-out there will be no new CEO announcement as that would only be an expensive waste of $ with all the options that CEO would demand. New CEO named will precipitate the announcement of a chose and not yet announced winner. Is that a same day announcement when partners have been signed?