TSXV:NORA.H - Post by User
Comment by
carterZ21on Dec 16, 2012 9:07pm
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Post# 20738060
RE: RE: emailed gary
RE: RE: emailed gary Hello all,
Wow...didn't quite expect the news this weekend ! I have mixed feelings about the offer. On one hand, I must admit the price (approximately $2.72 per share) is disappointing. I truly expected at least $3.75 per share especially considering OK management's musings during the days of the PAA JV when we only held 45% (that is if PAA went all the way to production) that $4.25 - $4.50 was the minimum value.
On the other hand, I'm quite pleased we received an offer and as others have said, the floor has been set. Worst case scenario, end of February 2013 we walk away with FR shares at an equivalent value of $2.72. For most of us longs, that's a profit. I have to believe that OK management is looking (hoping) this deal is the beginning of a bidding war that brings us closer to true value. I really don't believe for one minute that Cope believes this will be the last bid. The upside for us OK longs is that we won't have to wait too long....the next bid, if it surfaces will come sooner than later. I will be curious to listen to the replay of the conference call of tomorrow as I won't be on the line. Not sure if anyone will be dialing in and/or able to ask any questions. The main question in my mind is will the AMEC PEA be announced before the finalization of the merger agreement ?
In any event, finally back above $2.00 !!!
Carter.