RE:RE:BGPwaitingstill - good point.
Post rights offering Frontera ownership in CGX comprises 157,383,129 / 232,204,636 common shares (or, 67.7%). This would include the 15,009,026 rights Frontera acquried in the open market.
This leaves approximately 74,821,507 / 232,204,636 shares (32%) held by non-Frontera shareholders. Further, it would be fair to assume JDC was not in position to acquire their rights and perhaps sold them in the open market.
The above leads me to believe that another major shareholder must have participated in the rights offering. Furthermore, has me speculating that CNPC (holding approx. 15,534,310 pre-right shares) indeed participated in the over subscription of rights. Likely increasing their interest in CGX to 15% to 20%.
Assuming CNPC did participate in the over subscription of rights - non-majority shareholder count (excluding Frontera and CNPC) comprises anywhere between 28.38M to 39.99M shares (17% to 12%).
~50% of the reaming 28.38 to 39.99M are held by JDC (14M) - which continues to be sold in the open market. Leaving the remaing 50% of the 28.38 to 39.99M shares being held by nn-majority shareholders (excluding JDC, Frontera, and CNPC).
These are the current assumptions I am going with (or tend to beleive).
As a CGX minority shareholder, I like the idea of CNPC exercising their rights and staying in the game. Not only does this help keep Frontera in check - but, also keeps interested parties at bay knowng that CNPC is in position to offer a superior bid (whether it be buy-out of JV) at any given time.
Further, CNPC (like us minority shareholders) are not going to be supportive of CGX divesting their interest in Corentyne or Demerara at a deep discount. Instead, I expect CNPC (like any other interested shareholder) to capture full value of these assets.