'ioc.aussie' pid='70868' datel Wrote:Gross is correct. Question is ... Hession has run this company into the ground, it has no income only growing debt. it looks like he has been shopping it around out of desperation and so far Botten is the only taker , thus this deal. If There is 10Ts or more Gross, it should be saleable to any Super major who wants a foothold in the future of PNG as a major player and next to the biggest market. I am surprised no other bids.
If you take a look at the non-solicitation and exclusion statements int he agreement, you will see that the BOD has elected to render themselves impotent and prevent themselves from any further action in the shareholders best interests. (The fact that there is zero evidence to support the hypothesis that this BOD ever had the best interests at heart is moot fro the point of this discussion)
The fact is that even if anothe bid were to come, the BOD cannot do anything about it, and Hession and his team wouldnt want to do anything about it, because it might slow down their payout.
What should have happened, is that before any agreement was reached with OilSearch, the BOD should have brought the full details of ALL the bids to the Shareholders at the AGM.
However, even before that, before any discussion even started with OilSearch, before any access to IOC proprietary data was provided to a competitor (yes, that is what OilSearch actually is), the BOD should have brought the matter to the shareholders.
I guess this would have forced them to tell the truth about their finances, but they were not going down that path.
for over a year I have been warning people that IOC was in serious financial trouble, but I was being ignored.
Thanks to Admin, I finally have access to this forum (Thanks Admin, if you are ever in Seattle, look me up and we will go see a game.)