Adam, re your constant posting about 7.24p takeover bids. You do realise that Aussie takeover rules stipulate that a takeover offer must be at least equal to the highest share price paid by the offerer in the previous 4 months. As Magna paid 7.24p for their holding 3 months ago now and a takeover needs 6 weeks for completion then your persistence on referring to 7.24p as a minimum bid price is pretty much defunct. Shock, horror, they can bid even less than 7.24p any day soon.
And anyway, why the blue blazes would Magna bid for the whole of OEX (that's 45% Cambay and 100% Canning) when the Indian government wouldn't permit them to have a 15% holding in Cambay? If Magna aren't a suitable candidate to own 15% of Cambay why would they be a suitable candidate to run the Cambay wells in the eyes of the Indian government, wouldn't Magna be buying an asset that they cannot progress? Bid millions and own a worthless asset without government approval. I don't think so.
I told you I hate day trades, At least my bad luck on the 6.8p has turned into good luck for a change. REMEMBER r.e bid. if it were magna. They have to bid minimum of purchase recorded in last 4mnths, worrying thins now two points A/ the lower it goes the more attractive 7.24 or above looks, not to mention feasible as no asset value attached to cambay B/ look at the date in the last 4 months of their highest purchase. Its not too far away from dropping from previous 4 mnths and then what will become their highest recorded bid, Possibly the one they trigger it with. Now if say all previous purchases had dropped out of the previous 4mnth bracket ruling and for example that were today. They could trigger with 6.7p and that would be their minimum bid permissible under the asx rules. All stinks as worked, Lets hope for one of the other possibilities
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