pieces of the puzzle falling into place As I posted approximately a month ago the pices of the puzzle are now falling into place, within the announcement are key nuggets of information.
First was the clarifacation that Peter Sametz is now CEO of Connacher, in my opinion he was the biggest loss in the executive shake-up, that has now been righted, and maybe the plan all along, Sametz has been through both construction phases from start to finish and instrumental in the brownfield expansion plans for Algar which was again mentioned as being in the final stages of approval which he was instrumental in planning.
The other key piece of information is that adding the new director, looks like Westface is taking control in the board room, Boland is on the Board of Silver Birch (SBE) which was recently bought out by TECK for their oilsands mine reserves and after the spinout of the new company Silver Willow (Presently not listed) that will carry the interests in Silver Birchs SAGD Properties that have been cored but in the very early stages no plants or approvals to build (3-4 year process) The people that formed Silver Birch were the bunch that ran UTS after it was bought out which was a oilsands mining property and plan.
So in my opinion this PR was more about the clarification of the new management of the company, making it a more probable senario to merge the company that has proven SAGD experience and production with the new start-up and now with Sametz back a management team with SAGD and Start-up Construction expertise. Which again adds to the value of Connacher.
In the short-term the reserve report will play into the hands of those waiting to pick up cheap shares but I would think over the long haul Connachers value to the merger? should be key.
All just my opinion
Planet