Big Banc Split Corp T.BNK

Brent at $48.80

[PUNJABI]

Did not like the deal & am thinking about voting against  the deal. Why vote in favour of the deal when the Brent is approaching US $50. Future contracts are  much higher where BNK can hedge some production & even ramp up drilling.

It was a bad deal for investors at $2.20. I am surprised that no other buyer showed up. There are too many assets for sale at this time.  It is getting kind of late for other buyer. One never knows but by now I doubt that some other buyer will show up.

I do not think that company will get shareholder approval fro $2.20. Would go for $3.00. Shares may dip a little after no vote & will eventually go above $2.00. They are not goin gdown to $1.00. Everyone would want to at $1.00. I would doible or even triple my position. This company is not going bankrupt.

Stocks like PGF which were trading at the same price when oil was under $30.  I actually bought both BNK & PGF at the same time under $1.00 Now PGF has gone above $2.00 on its own. When the deal was announce oil prices were very low and now they are approaching $50.

Oil has bottomed out. It is now a matter of few quarters for oil prices to recover further.  I do not think we will see $30 or lower oil now.

Around $50 Brent BNK will do fine. Lot of long term shareholder have much higher price, but some of the recent buyers are in the money. Some of the recent buyer will be interested in the deal. The question is do they have enough shares.

[casino]

Exactly. There are posters who always peach to find another beaten up oil stock but with oil rising they too will rise in price. Vote No and stay where we are. Let French and Co manage the company the price will rise $3 plus in no time.  Long time holders are losing and I hope it is long time holders that all vote NO. Many already have.  Oh and that $20 million fee is about .07 per

[braincloud]

I would ask you guys that are voting no to have a look at an over-lay of charts BNK over Brent. As far as I'm concerned Brent is still about $6 away from where I might think BNK would hold should a deal not get done. That said , there's still the matter of the audit that is still an overhang . I'm not pounding the table to tender, I'm just being practical. Nobody know for sure

[dubsbs]

why have u not tendered yet?

[braincloud]

I tendered with a yes vote. You can change your vote any time before the meeting. Look, I think the deal is fair in the context of the current market. Now if oil were to spike up another $7 I might change my mind. Frankly, I don't think that there a good chance the deal falls through. There are tons of hedge funds out there that are long the stock, there's no control positions so the deal