Coleman on aquisitions

[ioc.aussie]

Mr Coleman reiterated that Woodside's focus wasn't on acquisitions given the resources already in its portfolio.

"We've already got a number of excellent resources in our portfolio," he said. "We need to knuckle down and work hard on getting those resources into market, not necessarily going out and thinking just because things are better priced on the marketplace that we can go and buy cheap assets."

Yet, "if something comes up we are always going to look at it," he said in an interview at the APPEA oi land gas industry conference.

He said Woodside would "watch closely" the "washback" from the Oil Search/InterOil deal, to see how many of InterOil's North American shareholders hold onto Oil Search scrip, pointing to the example of BHP Billiton's South32 spin-off when several North American investors were required by their investment mandate to exit Australian dollar-denominated shares.

"It will be a learning for us as to whether there are other opportunities out there, but that is yet to come," he said, rejecting any suggestion that Woodside may have its eye on a North American-listed target.


Read more: http://www.smh.com.au/business/energy/wo...z4AwUs8tmk
Follow us: @smh on Twitter | sydneymorningherald on Facebook

[Stavros]

Mr Coleman reiterated that Woodside's focus wasn't on acquisitions given the resources already in its portfolio.

"We've already got a number of excellent resources in our portfolio," he said. "We need to knuckle down and work hard on getting those resources into market, not necessarily going out and thinking just because things are better priced on the marketplace that we can go and buy cheap assets."

Yet, "if something comes up we are always going to look at it," he said in an interview at the APPEA oi land gas industry conference.

He said Woodside would "watch closely" the "washback" from the Oil Search/InterOil deal, to see how many of InterOil's North American shareholders hold onto Oil Search scrip, pointing to the example of BHP Billiton's South32 spin-off when several North American investors were required by their investment mandate to exit Australian dollar-denominated shares.

"It will be a learning for us as to whether there are other opportunities out there, but that is yet to come," he said, rejecting any suggestion that Woodside may have its eye on a North American-listed target. Read more: http://www.smh.com.au/business/energy/wo...z4AwUs8tmk Follow us: @smh on Twitter | sydneymorningherald on Facebook

This is yet another in the long list of reasons why the OSH Acquisition of IOC will be defeated when Shareholders are asked to cast their Votes.

The Deal Stinks PERIOD.

All IOC Institutional Shareholders required to exit the Aussie dollar-denominated shares will lose the deferred CVR value.

The OSH ADR's sell in the US as OISHY. Ten OSH shares sell as one ADR. The Average number of ADR's traded in one day is pitiful at 548, which is a whopping 5,480 OSH shares.

IOC Shareholders would own 410,000,000 shares of OSH if this repulsive deal is accepted.

WE WILL NEVER BE ABLE TO SELL OUR OSH SHARES!

[ArtM72]

Is it likely that a large number of funds will have to dump their IOC for cash prior to or immediately following the sale because of fund restrictions on where their securities must be listed? That would result in a very scary drop in OSH share prices.

[cybersssss]

Osh is offering cash as well as stock.

[Stavros]

Three points:

1. Perhaps some funds have been dumping IOC shares already. In fact, several funds dumped many months ago - - - maybe they were told of the deal by unscrupulous insiders?
2. If a fund is restricted on owning Aussie-dollar denominated stock, they will vote NO to the deal. They would then decide what to do next based on the outcome. If they are ultimately forced to SELL, they all know how to do it without impacting the share price
3. $700 Million is available as CA$H payment in lieu of stock . . . roughly 30% of the acquisition cost.