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I agree Stavros on your points and the time zone. Usually the bid process is very strict with sealed bids as you say. Those seals will likely be broken at the same time and that's why there is so much speculation and uncertainty at this point. There may be rumors etc but little is known for certain except by IBs and those from IOC/BOD who have been involved in the process and bound by CAs.
The deadline is very close on Singapore time.
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Interesting that many of the US public sector bid opening procedures are similar to that just outlined. Whatever time zone the bids become due it would be simply ignorant to schedule a conference call prior to bid opening given the stakes at hand. While there are some who are not fans of this management team, no one who has a clue dismisses these guys and their advisers as incompetent.
Price action this week though to me is absolutely unbelievable. Anybody wonder if somehow there are fake shares shorted on the Singapore (or Port Moresby) exchanges that carry no burden to deliver?
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That gives IOC 6+ hours to review said bids. Will that not mean that the officers are in position of material information during the CC?
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As IOC is traded on the PMG stock exchange is it safe to assume PNG traders expect THEIR 28th to be the close of the bid selection period? 9:30 Mkt. open on the 28th in NY is 12:30 am, March 1st.
Minor point - the original PR for the hiring of IBs on 9/30/11 shows Singapore and Houston locales for IOC.
"Singapore and Houston, TX — InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company”) today announced that the Company has retained Morgan Stanley & Co. LLC, Macquarie Capital (USA) Inc.and UBSAGas joint financial advisors to assist InterOil with its soliciting and evaluating proposals from potential strategic partners in the liquefied natural gas (“LNG”) project currently being led by InterOil’s joint venture entity, Liquid Niugini Gas Limited."
Isn't Henry and LNGL officed in Singapore and this could naturally be the implied time zone?
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Are we implying that IOC believes that they will HAVE/WANT to disclose information soon after the final bids are received? Why not wait a weak or two and digest the "offers"? Do they already know that there will be material information that must be disclosed?
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Since we don't know the exact process we might not want to assume that the bids will be opened at the deadline date/time. Many times the bids are simply logged/registered as being received then opened the next day.
We'll know soon enough
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"We'll know soon enough"
Easy for you to say! I find the decision to have the CC of the 28th to be "curious".
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'Putncalls' pid='17802' datel Wrote:Are we implying that IOC believes that they will HAVE/WANT to disclose information soon after the final bids are received? Why not wait a weak or two and digest the "offers"? Do they already know that there will be material information that must be disclosed?
I'm pretty sure IOC and their advisors and attorneys know what can and what cannot be said in a PR or on the CC. It really doesnt matter if something is revealed Thurs or in 2 weeks. If you think they have a good deal, thats all that matters, if you think they dont, thats all that matters.
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"If you think they have a good deal, thats all that matters, if you think they dont, thats all that matters."
The reaction will be swift either way and it's a shit or get off the pot situation.
