Originally Posted by
Snoopy
If blackcap values the NZO 15% Kupe stake at 52cps, and the share price was about that before the sale announcement, then I am annoyed that I did not buy some NZO myself. Pay for Kupe and 'get the rest of the company for free' is the kind of deal I seek out. But then commodity investing is a new frontier to me. So I wasn't on the look out for it and didn't see it.
I stumbled into Kupe through my investment in Genesis Energy. I did all my Kupe valuations. And it would have been a small stretch to take the Genesis Energy held valuation of Kupe and translate that across to what the NZO stake was worth, in terms of cents per NZO share. But I didn't, and the horse has bolted.
If I read correctly, it was Genesis who made the offer to buy out NZO at a 'price too good to refuse'. I am not sure any outsider, or even NZO insider, could have predicted that. As a Genesis shareholder my impression was that Genesis were moving towards big scale solar arrays, not oil and gas! Big surprise all around is all I can say.
Don't beat yourself up over the deal fish. There is no back room deal here that I can see.
SNOOPY