Dissenters hired experts with outstanding, world-wide experience and reputations for valuation of oil and gas companies, transactions and corporate governance. Their valuation report illustrates worldwide expertise. It is extensive and compelling. Dissenters' legal experts felt the sale/pricing process lacked statutory and public company standards for achieving fair/maximum value for IOC Shareholders. Please recall, the Court of Appeals raised similar questions in the past- and found IOC did not meet requisite legal standards under the circumstances. Unfortunately, we were not able to introduce the prior farm-in bid estimated on this forum as being about $ 4,5 Billion for 4tcfe of IOC gas. Other participants now publish 52 tcfe of gas estimated under the 4 Million acres-the same as IOC. FID for Papua LNG is committed for this quarter by all parties.
Dissenter experts believe most if not all expenses incurred will be reimbursed under the circumstances and interest should be paid on the fair value determined,over the period of time between the sale/valuation date and when funds are paid.
Time will tell.