OTCPK:WSRLF - Post by User
Post by
john_galton Nov 30, 2012 2:19pm
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Post# 20668001
Taqa exit
Taqa exit I confirmed with Scotia. They crossed 74 mln shares @ $1.18. I am also told it was 100% institutional. One buyer took up 85% of the deal and the rest was split across 10 - 15 accounts.
I preface my following comment by saying I own a fairly healthy position in this company so I have no interest in talking the stock down... but frankly, I do not like this trade. Taqa was an excellent strategic partner (at least on the surface of it). No matter who the institution is (whether it is a Blackrock, Wargburg Pincus, Waterous etc), it is not the same as having someone like Taqa in your corner. There were 'potentially' significant political and operational advantages to having Taqa involved that simply will not be afforded by an institutional investor.
The fact that WZR and the street are completely in the dark with respect to who the purchaser is (no dataroom, no visits etc) is extremely odd.
Overall - the fundamentals have not changed, but this is as bizarre a transaction as I have seen.
Best,
JG