WCL - Westside - CSG 50/50 JV with QGC(BG)

[Corporate]

I can't believe this little Gem doesn't have its own topic!

I picked up a small parcel of these yesterday at 50.5c

They've just proved up 211 3p from their 50% interest in two permits with QGC/BG. More results to come - net 2tcf is the goal!

Current drilling program priced at $9m
$28m in the kitty at April
Market Cap of $50m
Not many shares on issue
The CEO has about 8%

Check it out. The market hasn't yet picked this one up.

[Corporate]

Also loook at the price paid for ESG gas!

[STRAT]

Hi there Corporate.
Bought some of these today. Not so much a TA buy but rather latching onto what seems a bloody good story.

[Corporate]

Hi there Corporate.
Bought some of these today. Not so much a TA buy but rather latching onto what seems a bloody good story.

:-) nice to have you onboard strat. You got them for a good price! I'm looking for some more!

[shasta]

:-) nice to have you onboard strat. You got them for a good price! I'm looking for some more!

Interesting purchase Corporate/Strat

I like the repeated mention of "gassy coals" :D

WCL: Shareholder Newsletter - June Operational Report

http://www.stocknessmonster.com/news-item?S=WCL&E=ASX&N=212670

[Corporate]

Interesting purchase Corporate/Strat

I like the repeated mention of "gassy coals" :D

WCL: Shareholder Newsletter - June Operational Report

http://www.stocknessmonster.com/news-item?S=WCL&E=ASX&N=212670

Bermuda is in to for a small holding to ;) .....

I like the number the planned increase in exploration for the next 12 months

[Phaedrus]

From the falling OBV it looks as though WCL is still being distributed. See how most all of the recent higher volume days have been Down days?

The fall from 53 cents was not surprising - it came hard on the heels of a very clear double Class A Bearish Divergence.

http://h1.ripway.com/78963/WCL812.gif

[shasta]

Bermuda is in to for a small holding to ;) .....

I like the number the planned increase in exploration for the next 12 months

Heres the confirmation of the extra drills

http://www.stocknessmonster.com/news-item?S=WCL&E=ASX&N=212688

Just a matter of time before someone swoops for them :rolleyes:

[bermuda]

Heres the confirmation of the extra drills

http://www.stocknessmonster.com/news-item?S=WCL&E=ASX&N=212688

Just a matter of time before someone swoops for them :rolleyes:


Ahything with a BG involvement is worth a look. This one has BG at 50%. I sold my wife' s BHP, RIO, and WPL to get 450K WCL and am already in the red. But as you say Shasta, it is just a matter of time before someone swoops on them. In this case it will be BG.

WCL are really starting to get cranked up. BG wont take them over until all the certification is complete. That's the way BG works...especially since the GFC.

[Crypto Crude]

and who said you can have them all...
someone has been praying for the rain gods, and it aint me...
:D
.^sc

[crooky]

I just keep getting the feeling WCL is being capped , that was one ripper of an annoncement today , everything on target and above expectations , more drilling to take place and we go backwards , go figure

It's the same with VPE , we picked up 2 cents to go to 40 and then after the bell a single seller arrives with just 20k shares and makes sure we lose all ground made that day. Why ?

Just my outlook on it and of course could be way off track.
I think it has BG written all over these SP movements.

[STRAT]

I just keep getting the feeling WCL is being capped , that was one ripper of an annoncement today , everything on target and above expectations , more drilling to take place and we go backwards , go figure

It's the same with VPE , we picked up 2 cents to go to 40 and then after the bell a single seller arrives with just 20k shares and makes sure we lose all ground made that day. Why ?

Just my outlook on it and of course could be way off track.
I think it has BG written all over these SP movements.Hi Crooky
Are you the same crooky I met on SC?. Welcome to ST. There are some great people here.
You could be right but I think talk of capping is more often than not the wishful imaginings of Internet share site posters. :D

[Corporate]

Hi Crooky
Are you the same crooky I met on SC?. Welcome to ST. There are some great people here.
You could be right but I think talk of capping is more often that not the wishful imaginings of Internet share site posters. :D

I agreed Strat. WCL will have its day in the sun and it also doesn't have all that negative sentiment around it like VPE. Plus low market cap and lots of cash!

Bermunda - thoughts on the latest annoucment?

This is beautiful. We have BG agreeing to further drills....wait how many..UP TO 21 wells by early 2010. 16 in 2009.

Looks likke they are going after the deeps coals too.

Well funded $24m in the bank. 25cps.

[STRAT]

From the falling OBV it looks as though WCL is still being distributed. See how most all of the recent higher volume days have been Down days?

The fall from 53 cents was not surprising - it came hard on the heels of a very clear double Class A Bearish Divergence.

http://h1.ripway.com/78963/WCL812.gifI have taken appropriate action Phaedrus and given myself a good slap on the wrist :D:D:D

[crooky]

Same one Strat ,

Thanks for the welcome
Think back with SGL , was 44 , sank to 16 and back to 42 when the offer came in , seemed like a nice deal.

With WCL , feel relatively save at these levels with BT Bumi , Mitchell , Karroll etc in at around these levels , they want pay dirt as well.

[STRAT]

Hey Crooky
Two blue days in a row and the intraday chart is looking nice. Got a good feeling about this one

[Ketel One]

Interesting day for WCL. The SP is up but not a lot of volume behind it. I have noticed that a lot of the trades have been buying straight into the buy/ask queue rather than putting bids in and waiting for the sellers.

WCL does seem to be quite volatile on low volume, so not sure if it's very meaningful or if someone's just decided to take a long term position and isn't very patient. :p

Some more volume and a close above resistance at 53c would be very positive though:
http://www.iforce.co.nz/i/b3qjrunm.png

[Corporate]

I picked up some more today. To cheap to ignore IMO

[STRAT]

There you go Ketel, we can blame Corporate for the action today.:D
You could have at least bought a few at the end of day to keep the price up Corporate :p

[Corporate]

There you go Ketel, we can blame Corporate for the action today.:D
You could have at least bought a few at the end of day to keep the price up Corporate :p

Haha I just buy on an ad hoc basis. The share prices hasn't been doing much but I see little downside with $25m in the bank and 211pg 3p already booked.

Upside through expanded drilling campaign.

[crooky]

I was back in the lineup as well today , didn't quite hit my mark but reckon the storm is once again starting to brew for Westside holders . As Corporate says , little downside.

[crooky]

Well , hopefully this was just a retrace from yesterdays high , anyhow added more on the bell.

[Ketel One]

WCL to acquire ATP 974P and 978P in NW Galilee Basin. Potential for up to 21TCF GIP!

Pretty far from any infrastructure from what I can see, but plenty of potential!

[Corporate]

WCL to acquire ATP 974P and 978P in NW Galilee Basin. Potential for up to 21TCF GIP!

Pretty far from any infrastructure from what I can see, but plenty of potential!

looks like a nice pick up to me!!

[Corporate]

The market likes it too. Hopefully this is the start of a rerating closer to fair value!

[Ketel One]

WCL was undervalued before, but this has the potential to be just amazing. WCL already had a good chance at being worth multiples of it's current SP due to it's current activity- growing booked reserves, JV partner with BG, small market cap, no debt, plenty of cash etc etc, but now? :eek:

What a killer deal!

[STRAT]

Wow Corporate, was that you getting stuck in today and driving up the SP? :D

[Corporate]

Wow Corporate, was that you getting stuck in today and driving up the SP? :D

hahah no no STRAT i've got my fair share at 50c :-)

[STRAT]

hahah no no STRAT i've got my fair share at 50c :-)A close above 53 today would be significant as there is resistance there. This is reinforced by the intraday chart and I dont think it will happen. Even if it closes at 52-53 the chart will look considerably better.

Glad its not you bending the lines on my chart today then :p.

Not long after I bought ITC the OBV and volume went rocketing up. I got all excited until Bermuda posted he had bought a couple of mil that day though that in its self was a pretty good indicator I thought :D

[Corporate]

A close above 53 today would be significant as there is resistance there. This is reinforced by the intraday chart and I dont think it will happen.

maybe i'll buy a few at the end of the day to keep it up there! :D:D:D

[STRAT]

maybe i'll buy a few at the end of the day to keep it up there! :D:D:DPainting the chart eh?

Taking one for the team and all that.

Good on ya mate :p

[STRAT]

53.5c

That had to be you Corporate :D:D:D

[STRAT]

Hahah no it wasn't me...but if someone takes out the remaining 53.5 i'll have a nibble at 54.5 to get a good close if that makes all the TA excited :rolleyes:
Its done :eek: lol

[STRAT]

Now...........:rolleyes:

If we go past 880k today that will be the highest volume since the 13th May. That ll set a few TA flashing lights off :D:D:D

[STRAT]

Breakout.........

[Corporate]

Breakout.........

Strat it sounds like you're getting excited! Do you hold?

I didn't end up buying any today :eek: didn't need to

[STRAT]

Strat it sounds like you're getting excited! Do you hold?

I didn't end up buying any today :eek: didn't need toYeah I posted the day I bought and took a telling off on the chin from P:D:D:D.
@ 47.5. Nice to have a buffer there now.

The last hours trading has been fun to watch. Should be a good close. Resistance broken and highest volume since May bodes well for tomorrow. Pity its Friday and not Tuesday tomorrow.

[Corporate]

Yeah I posted the day I bought and took a telling off on the chin from P:D:D:D.
@ 47.5. Nice to have a buffer there now.

The last hours trading has been fun to watch. Should be a good close. Resistance broken and highest volume since May bodes well for tomorrow. Pity its Friday and not Tuesday tomorrow.

Sometimes I think the story is just too good. Also, little downside risk.

[crooky]

Nice hey Corporate when you get lucky with your timing , great day .

[Corporate]

Nice hey Corporate when you get lucky with your timing , great day .

I picked up some when I started this thread and then doubled my holding this week :-) (not today).

My attempted at charting...looks good :D

[evilroyrule]

good on you corporate! i bailed last week at 48. that will learn me. still glad someone making some money. i think you held close or over a million of these back thn.

[crooky]

Good clean break on your chart corporate, Been holding WCL quite some time as well and like you picked up another lot the day after you.
The whole Galilee Basin seems to be hotting up, glad that WCL has made the steps to initiate the purchase of these tenements , abliet it being from Karroll , must have made his day as well !!!!

[Corporate]

Good clean break on your chart corporate, Been holding WCL quite some time as well and like you picked up another lot the day after you.
The whole Galilee Basin seems to be hotting up, glad that WCL has made the steps to initiate the purchase of these tenements , abliet it being from Karroll , must have made his day as well !!!!

Crooky - i like the fact that WCL is purchasing from Karroll via shares. Why

1. It shows Karroll believes WCL is undervalued (issue of shares instead of cash)
2. Shares are going into long terms hands

[Ketel One]

I picked up some when I started this thread and then doubled my holding this week :-) (not today).

My attempted at charting...looks good :D

I agreee, the chart is looking quite promising. My version:

-Trendline break
-OBV trend break
-Broken through resistance at 53c cleanly
-ADX turning up with +DI above -DI

http://www.iforce.co.nz/i/gx500xjk.png

[upside_umop]

I'm in with two modest trades at 54 and 53...will buy more on further confirmation of signals...

Nice find Corporate.

[crooky]

[Crooky - i like the fact that WCL is purchasing from Karroll via shares. Why

1. It shows Karroll believes WCL is undervalued (issue of shares instead of cash)
2. Shares are going into long terms hands

Don't know if I done your quote right Corporate , all good points . Thankyou

[Ketel One]

Some may have seen this already, but some good publicity for WCL in the australian:
http://www.theaustralian.news.com.au/business/story/0,28124,26021488-36418,00.html

WestSide targets new CSG frontier
Matt Chambers | September 03, 2009

COAL seam gas ground and astronomical guestimates of potential reserves appear to go hand-in-hand.
The latest is from Brisbane junior WestSide , who has secured two exploration tenements in what’s being called the new frontier for Queensland CSG - the Galilee Basin.

WestSide says the area could contain up to 21 trillion cubic feet of gas in the Galilee, which is further from markets and lacks the infrastructure of the more established Bowen and Surat Basins.

To put that in perspective, the $50 billion Gorgon project to be built on Western Australia’s Barrow Island has reserves, said to be the nation’s biggest, of 40tcf, which is about the same Santos reckons it could have in CSG in NSW’s Gunnedah Basin.

Arrow Energy’s claims it could be sitting on 70tcf of CSG in Queensland.

Of course, the difference is the CSG figures have not been proved up and there will be years of drilling before the trumpeted numbers can be tested.

WestSide’s Galilee gas is equidistant between the domestic Townsville and Mt Isa gas markets.

Shareholders will get to vote on the deal to buy the tenements off WestSide chairman Angus Karoll’s private company Nazara next month.

WestSide’s main focus is still on getting its 211 petajoules (about 200 billion cubic feet) of proven, probable and possible reserves in the Bowen Basin to market.

Which is why it is tipped as a likely buyer of AngloCoal’s CSG ground and infrastructure, which is right next door to WestSide’s Paranui ground and has been on the block since early in the year.

An announcement on the delayed sale, which analysts said could raise $200m, is expected soon, Anglo says.

[Ketel One]

Location of WCL's new permits (have put in BUL's 813P for context for those familiar with the company as it's also in the Galilee basin...)

http://www.iforce.co.nz/i/jdmr0bew.jpg

That's a lot of ground, but also looks to be a long way away from anything.

[Corporate]

I'm in with two modest trades at 54 and 53...will buy more on further confirmation of signals...

Nice find Corporate.

Good to have you on board UU. This could be at $1 per share and still be undervalued. Look at the map posted by Ketel One and the location of these permits compared to BUL's 813P. 813P is being touted as a company maker.

:D:D:D look how big 974P and 978P are!!!!

When I was researching WCL what almost held me back was that they didn't have alot of acrage.......until now...this is BIG!

I'm going for some more.

[Corporate]

Location of WCL's new permits (have put in BUL's 813P for context for those familiar with the company as it's also in the Galilee basin...)

http://www.iforce.co.nz/i/jdmr0bew.jpg

That's a lot of ground, but also looks to be a long way away from anything.

Hey Ketel, thanks for posting that picture. Where did you get it from? I'm sure there are others that would be interested in seeing it!

[Ketel One]

Hey Ketel, thanks for posting that picture. Where did you get it from? I'm sure there are others that would be interested in seeing it!

The image is actually one I yoinked from a Blue energy presentation & then marked WCL's permits in photoshop- feel free to repost/use it as you like. According to that presentation, all the green coloured tenements are earmarked for gladstone LNG. Gives you an idea how freakin' big it will be if everything goes ahead!

BUL's 813P has an estimate of 15.3TCF GIP, which they arrived at by using data on coal seams intersected from past conventional drilling in the permit & surrounding areas. The WCL ann. about 974P and 978P stated that "Historical seismic data from these tenements and drilling in nearby tenements indicate the existence of continuous coal seams throughout the basin. The targeted Bandana Formation coal seams typically contain between 13m and 17m of coal." So I doubt lack of coal/gas will be one of their worries- it's getting that gas certified, out of the ground, and to a market that will be the hard part.

[The Big Ease]

They really are a long way away.
How do they propose to move the stuff to gladstone?

[Corporate]

Hi TBE - yes they are far away from Gladstone. However, if BUL are planning on piping gas to gladstone then I can't see why WCL can not get in on that. The permits are not very far away from each other.

Also EWC are planning to export LNG from abott point and laying a pipe line into the GB.

http://www.asx.com.au/asxpdf/20090626/pdf/31j8nlkxd7db19.pdf
slide 25

[mark100]

Bargain, especially when you consider they have cash of around 35% of the market cap at present

[Ketel One]

Strong (and somewhat odd imo...) finish keeps the chart looking healthy:

http://www.iforce.co.nz/i/zb4jnriw.png

[Corporate]

Very nice. When i left the computer for the afternoon we were down for the day. Stoked to come back and see it up.

This is a bargin!

[bermuda]

[QUOTE=bermuda;268764]Ahything with a BG involvement is worth a look. This one has BG at 50%. I sold my wife' s BHP, RIO, and WPL to get 450K WCL and am already in the red. But as you say Shasta, it is just a matter of time before someone swoops on them. In this case it will be BG.

WCL are really starting to get cranked up. BG wont take them over until all the certification is complete. That's the way BG work.

Monday 8 September,
Well, we are well out of the red and into pure green. This little baby is heading to Gallilee!

'No one' knows about this company yet. That is starting to change. Anythingwith BG involved is going to reward you well.

[Dr_Who]

When will get certified?

[Ketel One]

http://www.iforce.co.nz/i/snnwwfd5.png

"Gravestone Doji - Bearish Reversal Candlestick

Gravestone Doji is a candlestick bar where the open, low, and close are at the low of the day. The gravestone doji is a bearish formation and its success rate is greatly increased when the candle forms at a market top. The psychology behind the candle is that the bulls pushed the security up to a unsustainable level and the bears are able to sell the security down to its low by the end of the session."

[Corporate]

alright charts aside...check this audio

http://www.abnnewswire.net/multimedia/en/61381/Westside_Corporation_ASX_WCL.html

Nice comments about piping!!

[Dr_Who]

When did BG buy into WCL?

[STRAT]

When did BG buy into WCL?50/50 Joint Partner Doc

[Dr_Who]

Thanks.

WCL is now on my watchlist.

Are there any research report I can read?

[trackers]

Bought some of these today at 54c, didnt get a full order filled but still fairly happy.

[STRAT]

Thanks.

WCL is now on my watchlist.

Are there any research report I can read?
Dunno about that Doc but here are some tip bits and BS :D


http://www.sharescene.com/index.php?showtopic=8893

http://www.aussiestockforums.com/forums/showthread.php?t=11090
[/URL]
[URL]http://www.directbroking.co.nz/directtrade/dynamic/quote.aspx?qqeg=AU&qqsc=wcl&QuickQuote=Go+%3E%3E (http://www.hotcopper.com.au/search_do.asp?symbolid=2468)

[Dr_Who]

Thanks Strat. I will do some reading this weekend.

[mark100]

Unloved stock. I thought the flow rate annoucement was ok for preliminary flows but after a brief spurt it's back where it started. A lot of CSG stocks have run harder on less substance

[Dr_Who]

Good news, yet the sp went down. Whats up?

disc: not yet a shareholder

[kerryo]

Good news, yet the sp went down. Whats up?

disc: not yet a shareholder

What good news Doc?

[STRAT]

WCL up this morning on huge volume :D:D:D

[trackers]

WCL up this morning on huge volume :D:D:D

Lol! :D A trade fee thirty times the cost of the trade..

[Corporate]

Fairly quite at WCL. There should be an update on flow rates and drilling sometime soon. I like the way they just go about there business.

[bermuda]

Fairly quite at WCL. There should be an update on flow rates and drilling sometime soon. I like the way they just go about there business.

I have a few of these in my wife's name. Quite a few actually. Just a matter of time.

There are so many bargains out there to be had it is no wonder that a little fledgling like WCL goes un noticed. Buy on the dips for a big 2010-2011 reward.

[The Big Ease]

B,

what is the main game for wcl in terms of permits? Which is the most likely?
Don't the locations bother you or do you think its the next "frontier"?

[Corporate]

I have a few of these in my wife's name. Quite a few actually. Just a matter of time.

There are so many bargains out there to be had it is no wonder that a little fledgling like WCL goes un noticed. Buy on the dips for a big 2010-2011 reward.

Your on the money bermuda. I've bought a few more today. We are set and the market hasn't got out of bed yet on this one.

Latest annoucement: Drilling campaign has kicked of with our new rig.

[bermuda]

B,

what is the main game for wcl in terms of permits? Which is the most likely?
Don't the locations bother you or do you think its the next "frontier"?

TBE,
The latest quarterleyAnnual Report impressed me. These are no nonsense guys who get on with it ( and with good equipment ). Plus British Gas/QGC are a great 'partner' to have on some of their acreage.

The locations dont worry me. I was a wee bit worried about Bumi in Indonesia. I do not like getting involved offshore. Been burnt before. But Bumi seem pretty big and the CSG could be big there too.

Here's to a good drilling programme.

[Corporate]

Nice - I go out for a game of squash and come back to the rest of my order got filed :D

[ronthepom]

TBE,
The latest quarterleyAnnual Report impressed me. These are no nonsense guys who get on with it ( and with good equipment ). Plus British Gas/QGC are a great 'partner' to have on some of their acreage.

The locations dont worry me. I was a wee bit worried about Bumi in Indonesia. I do not like getting involved offshore. Been burnt before. But Bumi seem pretty big and the CSG could be big there too.

Here's to a good drilling programme.

Hi B,


Hold WCL like their style seem to be overlooked, also OEX as well. Waiting for BUL to
come into the radar, hold all.

[The Big Ease]

These guys seem to have more cash and a similar near term 3p target to BOW, yet worth 1/5th the value.

Apart from location, what gives?

[Corporate]

WOW this looks like a great annoucement to me. WCL could easily become a mid size producing CSG company! The company is really starting to get things moving...

I'm lapping up the sun on my beach holiday and this just made the day even better.


http://www.asx.com.au/asxpdf/20091230/pdf/31mzvq520drygx.pdf

[Corporate]

bermuda I hope you stuck around? I think WCL will emerge a different company in 2010.

[Dr_Who]

Rights issue coming up?

I maybe interested in putting some away during the cap raising.

[Corporate]

Rights issue coming up?

I maybe interested in putting some away during the cap raising.

Yip it looks like it. Being on holiday at the moment I haven't had a chance to look into the deal thoroughly but on the face it looks like WCL is going places. I will support a raising for this year.

2010 year of tranformation

[bermuda]

bermuda I hope you stuck around? I think WCL will emerge a different company in 2010.

Hi Corporate,

I am still here...loved this company ever since I set eyes on it.

Have a great New Year

[airedale]

Hi B,


Hold WCL like their style seem to be overlooked, also OEX as well. Waiting for BUL to
come into the radar, hold all.

Well done Ron, I also have BUL on my watchlist.

[ronthepom]

Well done Ron, I also have BUL on my watchlist.
Hi Gordon,

yeh,things are looking good for WCL, also reckon OEX are a bargain at 16.5cents.

cheers mate.

[STRAT]

Look at how many times the Trend line was respected on the way down. with a clear trend line break ( buy signal ) at the end just before Christmas. Been lookin better ever since but clear resistance at 53c.

[Corporate]

Agreed. I am getting very board of WCL.

[STRAT]

Agreed. I am getting very board of WCL.Really Corporate?
the last week has been great and I think this one will turn out to be a sound investment.

[STRAT]

I am getting very board of WCL.How exciting.:ohmy:
Its a trading halt and its not a cap raising :ohmy::ohmy::ohmy:
not yet anyways.

[STRAT]

Westside has poked its head above the 8day ma.
Clear support at 40c
Downtrend broken?


While repeatedly bouncing off 40c the highs continued to fall as the RSI created an almost mirror image,

Phaedrus, could you comment on what appears to me to be a divergence between sp and RSI and its possible value?

[Huang Chung]

What do people think of today's developments?

[STRAT]

What do people think of today's developments?The heading certainly sounds impressive.

[STRAT]

The heading certainly sounds impressive.Market doesnt seem to think so though. I guess needing 26 mil has put the hose on this fire plus some ann still being processed.

[shasta]

You impatient traders!

Wanna wait til the market opens!

Westside powers into CSG production with Mitsui JV
http://www.stocknessmonster.com/news-item?S=WCL&E=ASX&N=218763

Presentation

http://www.stocknessmonster.com/news-item?S=WCL&E=ASX&N=218764

[STRAT]

You impatient traders!

Wanna wait til the market opens!Its been open for 26min. Damn near a lifetime in this game :D

[Phaedrus]

Phaedrus, could you comment on what appears to me to be a divergence between sp and RSI and its possible value?This is a Class B Bullish divergence. They are not as reliable as Class A divergences (where the price goes one way and the oscillator goes the other) but nevertheless it is a bullish indication. Add to that the trendline break and demon traders (such as your good self?) would be in like Flynn. Not so for steady, stable pillars of society like me, though. I look with a stony eye at the continued fall of the OBV, the longterm downtrend, the relatively small profits to be made by trading the retracements - and return to the cryptic crossword.

http://i602.photobucket.com/albums/tt102/PhaedrusPB/WCL35.gif

[STRAT]

Thankyou Phaedrus.
If the Markets reaction to yesterdays announcements is anything to go by the cryptic crossword may well warrant more attention :D

Substitute demon with impetuous and I think you have me nailed.

Tight stop in place :D

[STRAT]

Market is awake this morning. Will have to raise that stop :D

[bermuda]

Market is awake this morning. Will have to raise that stop :D

Strat,
Get it raised quickly. This is one to stay with. The Aussie journalist Tim Boreham has a good summary. Great acreage, great partners and great ambition. And BG is there too....as well as Mitsui.

[shawsie]

Phaedrus

what cryptic do you prefer. A Times man myself, although occassionally take on the much more rigorous Observer.

[STRAT]

Strat,
Get it raised quickly. This is one to stay with. The Aussie journalist Tim Boreham has a good summary. Great acreage, great partners and great ambition. And BG is there too....as well as Mitsui.Morning Bermuda. Looks good eh? This is my second dip. WCL went out with the baby and the bath water last month. I was very pleased last time I was holding when you bought in as this to me was confirmation I had chosen well. It must behave TA wise though. The story must come second for me.

Will have another crack at ITC, BUL and VPE too when the time is right.

[bermuda]

Morning Bermuda. Looks good eh? This is my second dip. WCL went out with the baby and the bath water last month. I was very pleased last time I was holding when you bought in as this to me was confirmation I had chosen well. It must behave TA wise though. The story must come second for me.

Will have another crack at ITC, BUL and VPE too when the time is right.

Stratty,
The time is right for ITC, BUL, VPE, and WCL.....and a few others.

[STRAT]

Stratty,
The time is right for ITC, BUL, VPE, and WCL.....and a few others.Others Bermuda?


anyway I reckon there is a bit more of a wait with the others above.

[bermuda]

Others Bermuda?


anyway I reckon there is a bit more of a wait with the others above.

Yes,
I agree, about 2 months.

[percy]

article by tim boreham in www.theaustralian.com.au/business cr iterion CSG hopeful playing with the grown-ups(WCL)

[STRAT]

This is a Class B Bullish divergence. They are not as reliable as Class A divergences (where the price goes one way and the oscillator goes the other) but nevertheless it is a bullish indication. Add to that the trendline break and demon traders (such as your good self?) would be in like Flynn. Not so for steady, stable pillars of society like me, though. I look with a stony eye at the continued fall of the OBV, the longterm downtrend, the relatively small profits to be made by trading the retracements - and return to the cryptic crossword.

Hi Phaedrus.
We can tick off that OBV line as of yesterday :D but of course this still leaves the long term down trend. Were you dating back to May09 or June07?

( I appreciate that your post was in answer to my question and perhaps not a complete analysis so there may well be other things that need ticking off for a stable pillar of society such as yourself. )

As to trading the retracements thats not me either. Im hoping this is a nice story unfolding and Im in at the right time. As always that will turn out as it will and hopefully I will react accordingly. this time......

[STRAT]

Haha Ive been dying to make one of these lol.

Point A
Strat says "Hi there Corporate.
Bought some of these today. Not so much a TA buy but rather latching onto what seems a bloody good story."
Point B
Phaedrus says "From the falling OBV it looks as though WCL is still being distributed. See how most all of the recent higher volume days have been Down days?"

The fall from 53 cents was not surprising - it came hard on the heels of a very clear double Class A Bearish Divergence."
Point C
Strat dumps WCL along with most of his Portfolio around this time because the world is ending.
Point D
Strat re enters WCL using his kindergarten TA.


Lessons learned.
Never ignore Phaedrus
Never ignore the big picture

[STRAT]

WCL lookin good. Be nice to see it break through that medium term down trend line eh? Thought Id give it a hand

[STRAT]

Must get a new drill set.

A Doji today and right on the line too. Good announcement today but I suspect this is the top for a while. Hope Im wrong

[bermuda]

Strat,
Saw an interview with Angus Karroll on CNBC this morning. Karen,from CNBC asked him if WCL were considering taking over Arrow. I had to laugh. Things might be a bit slower for WCL ( than VPE and ITC ) but this Dawson purchase ( and purchases by Director ) bode well. They become a producer and can minimise potential inherited liquidated damages through imminent and judicious drilling.

[STRAT]

Hi Bermuda. This company does seem to have good prospects but from a Chartists point of view watching it respect the medium term downtrend is a bit of a disappointment. Am watching it close but right now its looking like it may return to previous lows. The last 3 days tell me the market is undecided so Im looking for some direction today. Pity cause its Friday when traders often sell out for the weekend.

[STRAT]

Dunno about this one and neither does the Market by the looks right now. Ill give it a few days to a week to make up its mind.

[STRAT]

Ill give it a few days to a week to make up its mind.Looks like the Market has decided :D A bit early to get excited but I like the look

[STRAT]

WCL poked through resistance level @ 53c this morning but did gap up yesterday.
A close above this on decent volume would be a bloody good sign I reckon

[ronthepom]

still hold Strat?

[STRAT]

still hold Strat?Hi Ron.
Yup and I must say thats something you dont see every day. A cornerstone investor and a share offer to existing holders for less than that paid by the cornerstone investor.

I will wait and see what others make of it but I find myself liking the way these guys do things :D

[ronthepom]

Yeah good one eh? worth the wait and nice offer for existing holders.Cant find those smiley faces on this new site.

[STRAT]

Yeah good one eh? worth the wait and nice offer for existing holders.Cant find those smiley faces on this new site.smilies are in advanced reply

[ronthepom]

WCL and a smiley face

[STRAT]

WCL and a smiley faceSame place as before. Right? :D

This one I like :lol:

Its listed as lol but its more of a ROTFLMAO

[STRAT]

Thought this might stay in the 60s today but its doin a lot better than that, Sell side looking rather thin

[The Big Ease]

this company is making some good moves.
Well done guys. I'm waiting for BOW to get up and boogie.

[STRAT]

this company is making some good moves.
Well done guys. I'm waiting for BOW to get up and boogie.Strong again today TBE.
I would have thought the Cap Raising numbers would have put us back in the 50s today. Guess Mr Market likes the rest of the news too

[bermuda]

Strong again today TBE.
I would have thought the Cap Raising numbers would have put us back in the 50s today. Guess Mr Market likes the rest of the news too

Strat,
This is a very strong company in the making. I sold my wife's RIO and BHP to get into this late last year. A few weeks later I was severely in the red!! Didnt tell her obviously. Told her about this great news but she thinks there is a catch to it. She thinks it is a con to get more money.

This company will deliver but I really am a bit perplexed about how we are going to stump up $450K to exercise our rights. Could sell my BUL but they are going to double shortly.

Have got 5 weeks to think about it. I wonder when AOE will get another offer?

[STRAT]

Hi Super B
Clearly it is.
It was almost a bagger for me today but it doesnt make a lot of sense to me. The Cap raising gives it a value of 55c so I can see why its gone to 65c with the 45c offer to share holders but 85c??? Its got to come down again sooner or later I reckon

Mind you Im not complaining

[The Big Ease]

same thiing happened with BOW after its capital raising. It went to 1.50 after a raising was done at about 20 cents.
The market obvy tvalue will be realised from the expenditure.

[soulman]

The right issue has not gone ex-rights yet (Tues next week) so maybe people want to get the rights. Also, people saw what NHC did with AOE in 2006 when they bought in for 60 odd cents? and now AOE is at $5.00. I wonder how much WCL will drop coming next Tuesday. Probably to the low 60's.

[STRAT]

Tell me you are still holding Corporate.

[Corporate]

Tell me you are still holding Corporate.

:-( one of the great tragedies. I bought a large parcel, started the thread, got others excited and then got bored. I'm quite dark about it, however, I prefer the mindset that this is just another lesson :-)

[STRAT]

:-( one of the great tragedies. I bought a large parcel, started the thread, got others excited and then got bored. I'm quite dark about it, however, I prefer the mindset that this is just another lesson :-)Mmm bugger. Mind you, been there done that

[bermuda]

:-( one of the great tragedies. I bought a large parcel, started the thread, got others excited and then got bored. I'm quite dark about it, however, I prefer the mindset that this is just another lesson :-)

Thanks for putting me onto it Corporate. Sold 500k today at 80 cents to give me the cash to buy 500k rights at 45 cents. And with the spare dosh got another 300k STX plus a bit of spare cash to avoid me selling more ITC.

[soulman]

The shares is going ex-right tomorrow so if you sold today, you are out of the rights issue. I sold WCL for a loss at 49.5 on 17th Mar. Talk about the worst sell you can make. The low ball price as it seems in hindsight and making a loss from it too.

Anyway, a good sell at 80 because it could drop to the mid 60's tomorrow.

[Corporate]

Thanks for putting me onto it Corporate. Sold 500k today at 80 cents to give me the cash to buy 500k rights at 45 cents. And with the spare dosh got another 300k STX plus a bit of spare cash to avoid me selling more ITC.

Well done B. Glad someone made some coin out of it! I hope you've still got rights to the 500k at 45c?

[bermuda]

Well done B. Glad someone made some coin out of it! I hope you've still got rights to the 500k at 45c?

Yes, I bought 1m last December but couldnt find $450k to take up the rights so sold 500k today. Once I pay for the 500k rights I am back with 1m shares. This still has lots of upside.

[STRAT]

Am I going mad?

Incredible charts shows yesterdays high at 65c with a close at 63c and Direct Broking reckons WCL is up today by 0.75c ( didnt know you could buy at 1/4 cent intervals ) at 64c

I could have sworn it was in the 80s yesterday. Did I dream this after drinking too much single malt or what?

[soulman]

Yep, well done B. Great investment and also for taking some off the table at 80.

WCL might gyrate between 50 and 60 in the short term.

STRAT, going ex-right might be the cat behind the falls today.

[STRAT]

STRAT, going ex-right might be the cat behind the falls today.I realize that Soulman.That wasnt my question. How can it be up when its down? yeah?

[soulman]

Maybe because it's up from the theoretical ex-right price. Computer geniuses from Direct Broking.

[STRAT]

Maybe because it's up from the theoretical ex-right price. Computer geniuses from Direct Broking.I wouldnt think so Soulman but its worthy of great concern.
Data accuracy is essential in this game

[mark100]

I wouldnt think so Soulman but its worthy of great concern.
Data accuracy is essential in this game

When a stock goes ex rights the ASX adjusts the previous closing price to the theoretical ex right price as soulman has said. So for WCL and its 1 for 1 issue they go (81.5 + 45)/2 = 63.25c. Most charting packages incorporate this change into their previous price data. This process actually ensures data accuracy for chartists

[STRAT]

When a stock goes ex rights the ASX adjusts the previous closing price to the theoretical ex right price as soulman has said. So for WCL and its 1 for 1 issue they go (81.5 + 45)/2 = 63.25c. Most charting packages incorporate this change into their previous price data. This process actually ensures data accuracy for chartistsThanks Mark. I didnt know that. Much appreciated

[Corporate]

Bermuda, I haven't been following WCL since I sold out before the recent capital raising. I did notice that at 40c the WCL market cap is $100m which is pretty close to BUL at $90m.

I know you own both companies. But, do you have a preference? WCL seem to be miles ahead of BUL. It would be great to see your thoughts?

[ronthepom]

Strat,
This is a very strong company in the making. I sold my wife's RIO and BHP to get into this late last year. A few weeks later I was severely in the red!! Didnt tell her obviously. Told her about this great news but she thinks there is a catch to it. She thinks it is a con to get more money.

This company will deliver but I really am a bit perplexed about how we are going to stump up $450K to exercise our rights. Could sell my BUL but they are going to double shortly.

Have got 5 weeks to think about it. I wonder when AOE will get another offer?

Hi Bermuda,
looks like things will start moving with WCL, now that Mitsui have taken up the rights offer.

toot toot, $11.5mil and they have $35 mil cash.

[bermuda]

Hi Bermuda,
looks like things will start moving with WCL, now that Mitsui have taken up the rights offer.

toot toot, $11.5mil and they have $35 mil cash.

Hi Ron,
It is amazing how the market haven't priced this upwards. Must be awaiting the revised 2P numbers due in July. In the meantime they are sitting on $46.5m or 18.5 cents cash per share which is over half their current sp. This will fire up one day.

[ronthepom]

Hi Ron,
It is amazing how the market haven't priced this upwards. Must be awaiting the revised 2P numbers due in July. In the meantime they are sitting on $46.5m or 18.5 cents cash per share which is over half their current sp. This will fire up one day.

yes its amazing eh? i see a big order has just gone through on OXX close to a million not you ? haha

[airedale]

Hi guys, 1 million on OXX, that should move it along as it is not usually very liquid.
Ron, there is a seat on an RSA fishing trip on Sunday if you are interested.

[ronthepom]

Hi Ron,
It is amazing how the market haven't priced this upwards. Must be awaiting the revised 2P numbers due in July. In the meantime they are sitting on $46.5m or 18.5 cents cash per share which is over half their current sp. This will fire up one day.

WCL has been edging up slowly this week, good to see

[airedale]

Hi Ron, WCL has definitely broken out above the 30 day MA. Like SXY it might be a runner this time.
Discl: Not holding

[ronthepom]

Hi Ron, WCL has definitely broken out above the 30 day MA. Like SXY it might be a runner this time.
Discl: Not holding

Hi Gordon, yes i agree i bought some more at 19c a week or so ago, so flicked them today for a nice profit, still hold quite a few.

Bermuda will be pleased as well.

[ronthepom]

Good announcement today by WCL boosted 2p reserves by 93% should start to hike the sp up.

Disclosure holding.

[STRAT]

Im reluctant to put this on the breakout thread. A bit too early but looks like a little bit of quiet accumulation to me.

Hi Bermuda.
Any reason for this on the Fundys 3 month horizon that you know of?

[bermuda]

Im reluctant to put this on the breakout thread. A bit too early but looks like a little bit of quiet accumulation to me.

Hi Bermuda.
Any reason for this on the Fundys 3 month horizon that you know of?

Hi Strat,
Their latest preso took the time to show what companies had been gobbled up by the big boys. WCL will have its turn. RBC put out a valuation on WCL at 42 cents last week. It is worth a lot more than that. Still holding for my wife and hope that we can get it over 40 again.

[STRAT]

Im reluctant to put this on the breakout thread. A bit too early but looks like a little bit of quiet accumulation to me.

Hi Bermuda.
Any reason for this on the Fundys 3 month horizon that you know of?
Well its a breakout now :D

Thanks Super B. I guess the Preso did the trick but the accumulation I was refering to was a bit earlier in the piece than that.

[STRAT]

and now a trading halt but no explanation as yet.

hmmmmm

[ronthepom]

and now a trading halt but no explanation as yet.

hmmmmm

Do you hold Strat? another one of mine in trading halt as well BUL

[STRAT]

Do you hold Strat? another one of mine in trading halt as well BUL
They want a trading halt while they formulate an explanation for the speeding ticket they just recieved. Not the usual

"we know nuttin"

This will be interesting. I hope.

[STRAT]

Do you hold Strat? another one of mine in trading halt as well BULI do. Ron. Second crack at this one.

I wonder if there is a connection with BUL on this.

[ronthepom]

I do. Ron. Second crack at this one.

I wonder if there is a connection with BUL on this.
Hmmm makes you wonder eh? be interesting to find out.

[STRAT]

Hmmm makes you wonder eh? be interesting to find out.Both get re-instated on Wednesday. Coincidence?

[drillfix]

I wonder if there is a connection with BUL on this.


I dont think there is a connection Strat.

Reason being is the on the 2nd page of the TH ann, BUL says pending the outcome of a capitol raising. So unless WCL have anything to do with BUL financially then its any ones guess.

[bermuda]

There is no connection. WCL are about to be rerated and the ASX wants to know what's going on. So, like that beautiful response by SXY to their ASX speeding ticket last month, I am hoping that WCL can tell the world what a great company they have.

[STRAT]

There is no connection. WCL are about to be rerated and the ASX wants to know what's going on. So, like that beautiful response by SXY to their ASX speeding ticket last month, I am hoping that WCL can tell the world what a great company they have.Best you email this post to them. Bermuda. :D

[STRAT]

I dont think there is a connection Strat.

Reason being is the on the 2nd page of the TH ann, BUL says pending the outcome of a capitol raising. So unless WCL have anything to do with BUL financially then its any ones guess.
Missed that. Or it wasnt up when I opened the ann. Thanks Drill.

[soulman]

Lucky to sold on Fri after getting in on Thurs.

Still too early to tell but it could be a ripper news.

[STRAT]

Lucky to sold on Fri after getting in on Thurs.

Still too early to tell but it could be a ripper news.
Hope you got 65c for em Soulman

[bermuda]

Lucky to sold on Fri after getting in on Thurs.

Still too early to tell but it could be a ripper news.

It's ripper news alright. Some one has lobbed a cheeky bid in for 65 cents. Wifey will be pleased. Better get her a Valentines card.

Patience is a great virtue if you get hold of the right story. Congrats all longs.

[The Big Ease]

Now's probably a good time to tell her about her BUL shares Bermuda ;)

[STRAT]

Now's probably a good time to tell her about her BUL shares Bermuda ;)Id wait a bit. BUL might be next :eek2:

You got to admit whith WCL at 34c and an offer( perhaps) of 65c. Thats one hell of a F&%^ing Gap :D

[shasta]

Id wait a bit. BUL might be next :eek2:

You got to admit whith WCL at 34c and an offer( perhaps) of 65c. Thats one hell of a F&%^ing Gap :D

Damn, i have WCL as my CSG exposure lined up for the long term portfolio, seems the big boys see the value i do, EOC & now WCL

[ronthepom]

It's ripper news alright. Some one has lobbed a cheeky bid in for 65 cents. Wifey will be pleased. Better get her a Valentines card.

Patience is a great virtue if you get hold of the right story. Congrats all longs.

Hi B, well its been a long wait, but hopefully going to pay off, congrats to all who held!!

Ron

[bermuda]

Now's probably a good time to tell her about her BUL shares Bermuda ;)

TBE,
You ain't gonna believe this but my wife got a lot richer tonight. Some Company has lobbed in a bid for WCL at 65 cents. This could be one of the most interesting stoushes I will ever witness. We have absolute fire power. This is going to be fantastic.

DON'T SELL WCL. DYOR

[soulman]

Hope you got 65c for em Soulman

Ha...ha...Not quite. Story of my life. Bought in at 32 and 33. Sold the 32 lot at 35 but somehow offload the lot at the closed. Big volume changed hand at the closed. A bit dodgy and insider trading still well and alive. Just wished I got the memo to buy heaps instead of selling.

You got a slice Strat? We know Bermuda is very happy. I'll be happy if I kept the second lot.

[The Big Ease]

TBE,
You ain't gonna believe this but my wife got a lot richer tonight. Some Company has lobbed in a bid for WCL at 65 cents. This could be one of the most interesting stoushes I will ever witness. We have absolute fire power. This is going to be fantastic.

DON'T SELL WCL. DYOR
good luck with it bermuda.
I know how patient you have been with your holdings.Let's see what this one goes to.
I onlyhold NWE and NSE...time will come ;)

[bermuda]

good luck with it bermuda.
I know how patient you have been with your holdings.Let's see what this one goes to.
I onlyhold NWE and NSE...time will come ;)

We will not be selling until it is sold. I leave the Board to try and get me something north of $1. Who knows. This is a valuable working asset to have.

[STRAT]

Ha...ha...Not quite. Story of my life. Bought in at 32 and 33. Sold the 32 lot at 35 but somehow offload the lot at the closed. Big volume changed hand at the closed. A bit dodgy and insider trading still well and alive. Just wished I got the memo to buy heaps instead of selling.

You got a slice Strat? We know Bermuda is very happy. I'll be happy if I kept the second lot.Bought in this year as per the chart a few pages back

[trackers]

We will not be selling until it is sold. I leave the Board to try and get me something north of $1. Who knows. This is a valuable working asset to have.

WCL, NWE, MAD.. you're on fire!!! Bet the wife is happy indeed

[CMo]

Hmm I picked up WCL for 25 and also 26 expecting a long term hold... Whilst the potential offer of 65 is nice and would be a very healthy return, I'm inclined to hold out for something above 80.

As the interest is from an unassociated company, It'll be interesting to see what the JV partners have to say on the matter.

[tamamutu]

My very first post on this forum and would like to say thanks for all the informed and interesting posts written on WCL and other stocks .
I have been holding WCL since Corporate first started the thread in 09 and am extremely happy with the way things have panned out so far.

[The Big Ease]

Welcome tamamutu.

I've just dipped in for a trade at 53 cents. a nice 30% in there if the TO goes through at the current offer of 65 cents.
WCL has been as high as 96 cents, but that was way back in the bubble days.
in 2010 it hit 76 cents. That would be a nice trade :)

[STRAT]

Thats one hell of a F&%^ing Gap :DHi TBE.
I see the Gap jokes have made their way to HC now. :D
That classic Pic of yours on the NWE thread has started something.

Speaking of gaps. The trading on WCL is pretty eratic today. Its anyones guess where it will finnish up.

[soulman]

Bought in this year as per the chart a few pages back

That was the time I got interested. Thanks in a way Strat. It was a good profit and I am gutted.

Remind me of the AVB days when I bought a few at 2.4 - 2.6 cents to sold the lot for 5.7 cents and watched in horror when they touched 20 cents 5 weeks later.

[ronthepom]

We will not be selling until it is sold. I leave the Board to try and get me something north of $1. Who knows. This is a valuable working asset to have.

Latest news wcl 3p reserves almost double!!

[CMo]

In case others aren't following. SP has fallen back to 53c despite an offer of 65c and an upgrade in the past week.

Disc: Hold WCL.

[shasta]

In case others aren't following. SP has fallen back to 53c despite an offer of 65c and an upgrade in the past week.

Disc: Hold WCL.

Remember though the offer is non binding & highly conditional, otherwise i'd have expected the SP to be closer to 65c.

NHC have a blocking stake, & if history repeats, they will want a decent price as was the case with AOE.

[soulman]

Offers got too many clause. Shares drop off quite a bit this morning.

Holders getting impatient. Might worth a fling at 42.

[CMo]

I'm in at 25c, 26c and 54c... am seriously considering going in heavy in the mid-low 40's.

Shasta - Forgive my ignorance... did NHC block a bid for AOE resulting in a stagnating / falling share price?... or did they simply hold out for a decent price?

[The Big Ease]

most initial approaches can be considered highly conditional.

Having said that, it doesn't sound like it's a straightforward matter of due diligence.
Also require third party approval - which hopefully doesn't mean JV partners. FIRB?

[CMo]

Shasta - Forgive my ignorance... did NHC block a bid for AOE resulting in a stagnating / falling share price?... or did they simply hold out for a decent price?

Have gone over historical posts on HC / research and now have the story of NHC, Arrow and Shell.

Happy to sit on this one for 2012 if necessary.

[CMo]

WCL down to 0.435 today... just a touch over the 42c valuation from RBC noted by Bermuda back on 7th Feb.

Holding (and closing my eyes!)

[CMo]

news coming

[CMo]

ASX Site has prelim ann out... "Identity of Potential Acquirer"

[CMo]

WestSide Corporation Limited (ASX: WCL) has been monitoring media speculation and commentary regarding the identity of the unrelated party (“Potential Acquirer”) referred to in the Company’s ASX announcement on 13 February 2012: Notification of Approach.
The Board has subsequently determined that based on recent media articles the identity of the Potential Acquirer can no longer be considered confidential between WestSide, the unrelated party concerned and their respective advisers. Accordingly, WestSide now advises that the indicative, conditional, non-binding and confidential proposal to acquire all of the shares in WestSide for cash consideration of $0.65 per WestSide share ("Indicative Proposal") was received from LNG Limited (ASX: LNG). WestSide further advises that LNG Limited’s Indicative Proposal involved financial backing from reputable international parties.
WestSide has entered into a confidentiality agreement with LNG Limited and granted due diligence access on a non-exclusive basis.
LNG Limited has only recently begun its due diligence. It should be noted that the due diligence process may take some time and there can be no certainty that a binding offer will be made once LNG Limited has completed its due diligence.
The Board of WestSide is committed to maximising value for shareholders and, if it determines that doing so would be in the best interests of shareholders, the Board may grant other parties due diligence access.
The Board of WestSide continues to assess the Indicative Proposal alongside other strategic options available to the Company. The Board has not formed a view, at this stage, as to the merits of the Indicative Proposal and continues to recommend that shareholders take no action in relation to the Indicative Proposal.

[CMo]

Trading Halt - 6/3/12

Place your bets...

1) LNG have formalised the cash offer
2) LNG have formalised the cash offer but raised it to 70cps
3) LNG has walked away
4) Another suitor has come to sniff around

[The Big Ease]

neither it seems :
The trading halt is requested pending finalisation of underwriting arrangements for a significant offer of new shares (“Offer”). WestSide is concerned that while in the process of finalising commitments, some market participants may become aware of the details of the proposed Offer.
For the purpose of ASX Listing Rule 17.1, WestSide also provides the following information:
 WestSide considers the size and composition of the Offer to be material to the Company’s affairs and expects to be able to announce full details of the Offer on Thursday, 8 March 2012; and
 WestSide is not aware of any reason why the trading halt should not be granted or of any other information necessary to inform the market about the trading halt.

[CMo]

Perhaps a new twist!... interesting.

[STRAT]

Perhaps a new twist!... interesting.Price has doubled so they are raising money to pay their fees for the next 5 years?

[soulman]

Trading Halt - 6/3/12

Place your bets...

1) LNG have formalised the cash offer
2) LNG have formalised the cash offer but raised it to 70cps
3) LNG has walked away
4) Another suitor has come to sniff around


I reckon number 4. I missed out again. Geez, a chance to get them mid 40's gone begging.

[CMo]

$25.4 million 2 for 5 capital raising announced...

[CMo]

WestSide Corporation Limited (ASX: WCL) today announces a 2-for-5 pro rata entitlement offer to shareholders at A$0.25 per new share to raise approximately A$25.4 million for working capital to meet its near-term growth aspirations across its various operations in Queensland ("Offer").
WestSide requires the funds to undertake the next stage of work at the Meridian SeamGas gas fields in Queensland's Bowen Basin. This work will be directed at maintaining and increasing gas production to supply existing and future customers. Some of the proceeds of the Offer will be invested in a field development feasibility study required for a Final Investment Decision to support possible new gas sales agreements. A portion of the proceeds will also be used to fund WestSide’s joint venture share of exploration programs within its Bowen and Galilee Basin tenements.
WestSide’s Executive Chairman Mr Angus Karoll said the WestSide Board believed the Offer represented an opportunity for existing investors to participate in WestSide’s growth through the further development of the Meridian SeamGas business and the Company’s exploration assets.
Preparations for the capital raising were initiated well before WestSide received the indicative, conditional, non-binding and confidential takeover proposal from Liquefied Natural Gas Limited (“LNG Limited”) which the Company announced on 13 February 2012 ("Indicative Proposal").
As there is no certainty that the Indicative Proposal will result in a binding takeover offer or reach any conclusion in a desirable timeframe, the WestSide Board has formed the view that WestSide must proceed with this capital raising in order to continue its planned production, development and exploration programs. The WestSide Board considers that any delay to these programs could hamper WestSide’s preparations to secure new gas sale contracts and ultimately be detrimental to shareholders.
The Offer is fully underwritten by RBS Morgans Corporate Limited. The key terms of the underwriting agreement are summarised in the annexure to this announcement.
ASX has granted a waiver of ASX Listing Rule 7.9 to the extent necessary to permit WestSide, without obtaining prior shareholder approval, to issue any shortfall from the Offer to shareholders who apply for additional shares under a top up facility or to any underwriter or sub-underwriter of the Offer. The grant of this waiver was conditional on WestSide providing written confirmation to ASX that LNG Limited does not object to the issue of the shortfall shares. WestSide has provided written confirmation of this to ASX.
Offer
The Offer will give existing eligible WestSide shareholders the opportunity to acquire 2 new fully paid ordinary WestSide shares for every 5 existing WestSide ordinary shares held at 7.00pm AEDT on Monday 19 March 2012 (“Record Date”) at the issue price of A$0.25 per New Share. Eligible shareholders are those shareholders at the Record Date with a registered address in Australia, New Zealand or Indonesia.
The Offer price of A$0.25 represents a discount of approximately 47.9% to the closing price of WestSide shares on 5 March 2012 (the last trading day for WestSide shares before the Offer was announced) and a 47.5% discount to the 5 day VWAP up to market close on 5 March 2012. It also represents a discount of 39.7% to the theoretical ex-rights price based on WestSide's closing price on 5 March 2012.
WestSide Corporation Ltd ABN 74 117 145 516
Level 8, 300 Queen St Brisbane Qld 4000
Phone: 07 3020 0900 • Fax: 07 3020 0999 • www.westsidecorporation.com
2
The Offer price of 25 cents per share is a 61.5% discount to the price of A$0.65 per share referred to in the Indicative Proposal.
The WestSide Board has not formed a view, at this stage, as to the merits of the Indicative Proposal and there is no guarantee that a binding takeover offer will be received. The WestSide Board has attempted to set a price for the Offer which will be attractive to shareholders taking into account the uncertainty associated with the Indicative Proposal. The 25 cent Offer price represents a 26.5% discount to the closing price of A$0.34 on 10 February 2012 (the last day the shares traded on the ASX before the Indicative Proposal was announced on 13 February 2012) and a 19.9% discount to the 5 day VWAP up to market close on 10 February 2012.
The Offer is non-renounceable, which means that rights may not be traded or otherwise transferred if shareholders do not wish to take up some or all of the new shares to which they are entitled.
As an indication of the level of support for WestSide and its prospects, shareholders New Hope Corporation Limited (through its wholly owned subsidiary Uniford Pty Ltd) ("NHC"), ANZ Specialist Asset Management Limited in its capacity as trustee and responsible entity for the Energy Infrastructure Trust ("EIT")1 and Nathan Mitchell2, who hold in aggregate 35% of the Company’s issued capital, have indicated they will take up 100% of their entitlements under the Offer. In addition, NHC has agreed to sub-underwrite part of the Offer.
Shareholders who take up their full entitlement will be able to apply for additional shares at the same issue price under a top up facility.3
New shares issued under the Offer will rank equally with existing fully paid ordinary shares on issue.
The timetable for the Offer is here... http://www.asx.com.au/asxpdf/20120308/pdf/424wr25rvrz56g.pdf

[The Big Ease]

What a disaster for me.
I took a punt on the takeover arbitrage and now 40% wipe out.
That's if the SP doesn't plunge to 30 cents or so.

[STRAT]

What a disaster for me.
I took a punt on the takeover arbitrage and now 40% wipe out.
That's if the SP doesn't plunge to 30 cents or so.Sorry to hear that TBE.

You gotta wonder. eh? A cap raising at 25c would have been near impossible prier to this offer which is taking its good time to be laid on the table.

[bermuda]

What a disaster for me.
I took a punt on the takeover arbitrage and now 40% wipe out.
That's if the SP doesn't plunge to 30 cents or so.

All we can hope for now is for LNG/Chinese to increase their bid to say 75 cents and let's get out of here. I don't think my wife will be too happy when I ask her for $100k.

[The Big Ease]

ehh it's not the end of the world, but it doesnt make sense to price it so low.

[soulman]

What a scam. Oh well, I see incompetent execs still working in the ASX.

Why they choose 25 cents is anyone's guess. Even at 35 to 40 makes OK sense.

Not in but looking to. That 35 cents low this morning in hindsight looks juicy.

[CMo]

What a disaster for me.
I took a punt on the takeover arbitrage and now 40% wipe out.
That's if the SP doesn't plunge to 30 cents or so.

Sorry to hear that. I too had a dabble in the past couple of weeks but my average weighted purchase price is still only 35c.

I originally got into WCL as a longer term hold. I thought there was value in the company which would eventually be realised. I was amazed that within three weeks the 65c bid / sniff was on the table and my holding had doubled in value.

Within a very short time frame, I was faced with a change of strategy to short term trade / profit on the stock. I turned this opportunity down (as many holders did) as I felt it the best decision at the time. From my perspective, topping up at the higher price was foolish... although I'll learn from it.

I still firmly believe that there is plenty of value in the company and I'm back into my 'longer term hold' mode! I will apply for the extra shares at 25c, just to bring my average down, but it's fair to say that at that point I will be 'balls deep' in this one.

A new offer before the deadline would be a nice quick, clean exit, but that was not the main reason we all bought this stock originally. Trust yourself. I'd love to get the deal done, the cash out and into some of the other exciting opportunities out there.

If i have to sit on the shares until June then so be it, it will curtail my fun a little. I still think we may get something close to 80cps in the next 6 weeks.

CMo

[soulman]

That's a tough beat TBE. My take on things is that LNG is cap the same as WCL at current form. WCL a bit bigger on mrt cap. Hence, a smaller coy is looking to takeover a bigger coy. Should be merger of equals. Strange thing since Aland Bond look to takeover BHP back in the 80's.

I don't see WCL going anywhere in the next 2 months until the capital raising is completed. So range bound between 30 and 40. When it gets ex-entitlement (13th Mar), probably be in the mid 30's.

[The Big Ease]

haha yeah, it's alright though.
Only a small part of my portfolio. Other two are doing very well indeed.
I'll just cut my losses and move on.

[drillfix]

Thats the way TBE.

After all, this is the market and things like this sometimes are here to remind us that things dont always go to plan, but fortunately for you, you other stocks are Roaring and kicking field goals so well done mate :)

[STRAT]

What a scam. Oh well, I see incompetent execs still working in the ASX.

Why they choose 25 cents is anyone's guess. Even at 35 to 40 makes OK sense.

Not in but looking to. That 35 cents low this morning in hindsight looks juicy.Hi James.
They are between a rock and a hard place. A placement at a premium to the average price prier to a bit of a takeover rumour would have been seen equally as dodgy.

I paid around 27c only a few months ago. Certainly wouldnt buy into a cap raise at a premium based only on a bit of board room chatter.

[The Big Ease]

despite the caning from WCL, I still had a green day :)


Thats the way TBE.

After all, this is the market and things like this sometimes are here to remind us that things dont always go to plan, but fortunately for you, you other stocks are Roaring and kicking field goals so well done mate :)

[soulman]

The steep discount is very strange Strat. Because of your low purchase price, you are still in the black compare to others that double down at a higher price. Some even in the 50's.

The entitlement will go ex on Tue next week. Maybe a rise up before that day.

I think I will leave WCL alone for now. Hard to trade shares that are in capital raising that last for 6 weeks. Looks like a placement to sop and pro investor is a better bet with MAD still a healthy 38%+ premium to the placement price, OBL about 55%+ to their placement price.

[CMo]

1million scf/day from Pretty Plains 10

http://www.asx.com.au/asxpdf/20120320/pdf/425455c3tcxnhj.pdf

A gentle reminder to LNG that the price is not going to be coming down from 65cps.

[CMo]

Hi all,

Firstly, I've not received the documentation in the post as yet (Offer booklet of Ancilliary Documentation).

There is nothing there on the InvestorServe website for either announcements or documentation. Am I alright to simply download and complete this...

http://newwebchart.weblink.com.au/clients/pfl/article.asp?asx=WCL&view=4240668 which is linked from the Westside website?

Secondly, the documentation mentions that a "Bank draft in Australian currency payable on a bank in Australia" should be obtained for overseas investors. I don't have a Aus Bank Account but have both Westpac and ASB... I presume that either would be able to arrange this for me.

Sorry if the questions seem simple, but wanted clarification as this is the first time I've gone through this process.

Thanks in advance.
CMo

[CMo]

Sorry, a few more questions... My full entitlement is 8200 shares (AUD $2050), which I'm applying for.

If i decide on taking up the Bonus share offer (if any are available) how does that work? Do I need to send a seperate Bank Draft or will they cash the one anreturn the difference?

[bermuda]

CMo,
I got the documentation today. Simply fill out the form by entering your entitlement ( or part thereof ) plus additional shares ( if you want ) and email/scan to your Bank asking them to Bpay it by 5pm 5 April 2012.

[CMo]

Ha ha!... Thanks Bermuda.

Documentation seemed to suggest BPay was not available in NZ... then having read your post and a simple google search (Bpay in NZ) brings up this!!

https://www.asbsecurities.co.nz/section380.asp

Will check the post tomorrow and get onto it.

[CMo]

... and here are the documents in this mornings post.

[CMo]

Got my Entitlement form in today.

Remind to anyone else... offer closes on Thurs 5th

[CMo]

So, as expected the placement was over subscribed.

Good news on the additional shares too. "The number of additional shares that each applicant will recive under the top up facility will be capped at approx 2.7 x their original entitlement under the offer."

Just need the next bit of news to be a decent cash T/O offer!

[STRAT]

capped at approx 2.7 x their original entitlement under the offer."

Just need the next bit of news to be a decent cash T/O offer!Dont hold your breath waiting for that. CMo.

[bermuda]

Dont hold your breath waiting for that. CMo.

Why you say that Strat?

The Chinese want this company.

If they don't get it there will be good reasons.

[NOCASH]

Interesting to see what happens to the share price when the new shares is placed into the market. Lets hope the share price stays afloat over 40 cents.

[bermuda]

Google up the BULL Australian newsletter and read their article on CSG stocks. Quite a good read.

They recommend 4 stocks and WCL is one of them. The others are ORG, STO and BUL.

[CMo]

Nice news again on production front.. It's great to see that whilst there's all this hype about potential takeover and 'will they won't they', the management have simply got their heads down, got production up and get on with their business.

Ave Gross Production rate up to 12.2TJ/d and will continue to rise as 'only four of the (10) wells have produced significant volume to date, so we expect to see production continue to build as these wells ramp up over coming months'

Pretty Plains 10 flowing at over 1,000,000 scf/d for the past month.

http://www.asx.com.au/asxpdf/20120417/pdf/425n4tpqdxv5k7.pdf

[STRAT]

Why you say that Strat?

The Chinese want this company.

If they don't get it there will be good reasons.Hi Bermuda.
Based on a gut feeling rather than any evidence and only because of the time that has passed since the initial rumour of a bid. Cant see an offer coming in a hurry. Would be delighted to be wrong.

[ronthepom]

Hi Bermuda.
Based on a gut feeling rather than any evidence and only because of the time that has passed since the initial rumour of a bid. Cant see an offer coming in a hurry. Would be delighted to be wrong.

WCL in trading halt, looks like things are going to happen, ann at end of day, Bermuda will be happy!

[CMo]

"Bermuda will be happy!"... and so will his wife!

Will be interesting to see if it's from LNG / Petro (and at what price) or from another party.

[ronthepom]

"Bermuda will be happy!"... and so will his wife!

Will be interesting to see if it's from LNG / Petro (and at what price) or from another party.

Thats right he bought them for his wife!!

[ronthepom]

Hi Bermuda.
Based on a gut feeling rather than any evidence and only because of the time that has passed since the initial rumour of a bid. Cant see an offer coming in a hurry. Would be delighted to be wrong.

Looks like the Chinese are showing some interest again Bermuda!

[ronthepom]

My father and I bought into this on the last hint of a takeover. I sold out before the plummet, he stayed on and doubled down, then bought max on the spp. Needless to say, he is very happy today that this trade may finally be at an end with a happy conclusion! :)

I hope for his sake it does go ahead although i think 36 cents is still to cheap for this company.

[ronthepom]

Yup I agree, book to 2p reserves ratio doesn't cut the cake at all. They'll bargain upwards.

I think LNG were at about 50 cents.

[bermuda]

Looks like the Chinese are showing some interest again Bermuda!
Ron,
The Chinese won't get past the door. WCL have a big GSA on the cards. These Chinese are sometimes too clever for their own good. There is a lot of bad will towards the Chinese after their previous protracted offer by PetroChina.

As we get closer to Gladstone DDay we can expect further interest in WCL. It has been a long wait.

[ronthepom]

Ron,
The Chinese won't get past the door. WCL have a big GSA on the cards. These Chinese are sometimes too clever for their own good. There is a lot of bad will towards the Chinese after their previous protracted offer by PetroChina.

As we get closer to Gladstone DDay we can expect further interest in WCL. It has been a long wait.


I hope you are right mate, at least the missus will talk to you again lol

[ronthepom]

Ron,
The Chinese won't get past the door. WCL have a big GSA on the cards. These Chinese are sometimes too clever for their own good. There is a lot of bad will towards the Chinese after their previous protracted offer by PetroChina.

As we get closer to Gladstone DDay we can expect further interest in WCL. It has been a long wait.

Well it looks like things are falling into place for WCL at last with latest announcement.

[bermuda]

Santos and or Mitsui are going to have to sort this . Can't see a Chinese company with no experience managing a field 49% owned by Japanese Mitsui.

Something has to give.

[kiwitrev]

You not alone in CSG Moosie although not in WCL. Holding BUL (on different strategy from WCL) and long term heartache GLL(allied to AGL).Certainly the industry is hotting up all the players are jockeying for a position.