GLTA, you are basically right IF the CVR is $27 or very close to it. Problem is, we can't count on that. And, Exxon might be willing to do the non-buyout deal I described, which would leave IOC with more cash, more income, and the ability to keep on finding more nat gas. Think about it: If we shareholders vote NO on the XOM deal, it could be that they would pay more or do a different better deal. Don't forget, if there is no deal with OSH or XOM, TOT still is obligated under their deal with IOC, which includes a major payment within a year or less.
It's important that all of us vote NO on both the OSH and the XOM deals. Neither is good enough. Nat gas prices have gone up in recent months, so let's not give IOC away. A deal coul be made where IOC supplies the nat gas exclusively to XOM in exchange for cash payment up front, plus payment for the nat gas as it's received by XOM. Or sell IOC to XOM for about $90, NOT $45, even with a possible slight increase based on nat gas amounts confirmed. Fellow shareholders, NO ridicuous giveaway, please!
How can a BOD promise that shareholders will vote for a sale of the
Company or else the shareholders (Company) will pay a huge penalty? To me, it seems only fair that the BOD making that agreement should take financial responsibility. It would be different if sharehoders approve the deal and then the BOD refuses to complete the deal. Even in that case the shareholders would have the right to sue the BOD.
The $60 million payoff to OSH could be legally fought since no BOD can guarantee that shareholders will approve a deal. Let's vote no on each deal that is proposed that isn't reasonably good enough. Anyone know about how many tcfe XOM would have to pay us shareholders $7 extra for, with their deal?
It needs to be pointed out, at that hearing in Canada, that IOC has no reason to need to sell out now at any price. The TOTAL deal is in shareholders' best interest and should be allowed to proceed. Also, the improper management aspects of present CEO, as per Concerned Shareholders, should be emphasized. The attempt to oust Hession and his group can be shown as the reason for them to want to dump and run to get paid off before being ousted.
That hearing could go either way. Let's hope that real justice for us shareholders will be the result!.
Present management just wants to take weak offer and run. We shareholders could do 2 to 3x better by letting the TOTAL deal go forward with new board & management of IOC. Vote BLUE! IOC stands to collect at least $1billion cash from TOTAL in less than a year. Let's not give it away!
As shareholders my wife and I have voted BLUE. Hession and his group want to walk away now that their leadership has been challenged, and they don't care that the deal they made loses the billion dollar payment, or more, that IOC would get from TOT. Let;s stop that OSH deal and make the current board walk away!!!