QGC - Queenland Gas Company
- Thread starter malachii
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if you mean the market depth meter then it just says how many stocks have been ordered buy someone, so on the depth indicator you can see BG's outstanding order of 666 million shares
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Noting these quotes it's curious that a haunting share now needs 666 million, quite ironic... just an observation
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LOL,... it actually started with BG's Buy order at over 800 million shares, as they have been buying these stocks it's been counting down it's now at about 618 million,.... so the 666 figure was just a breif fluke on the way down.
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All it means is that BG Group have offered to buy all existing shares in QGC for $5.75, They have placed an on market bid for over $800 million shares.
They only way you can take part is to sell your shares through your regular broker and accept their price of $5.75.
If you don't contact your broker and sell then nothing will happen unless BG get control of 90% of the company,... once BG own 90% of the available shares then can Compulsoryly aquire the remainder if they wish,... If this happen you will get a check in the mail from them and they will take your shares.
What you have to weigh up is weather you believe they will reach the 90% mark, if you believe they will then you may as well sell now and use the money to make money some where else,
If you believe they won't reach 90% and you still wish to hold the shares then do nothing, But keep in mind the risks involved in holding shares in a company where another company has a controling share, Having BG withdraw their bid with them controling 80% may destroy alot of the value due to them being able to control dividend pay outs and the like, they are likly to try and starve any minor share holders out by not paying dividends, and there is the risk that the share price will under perform once their bid is removed
Thanks for the lucid reply. Is there a particular time frame in which one has to sell if one chose to do so?
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I think the offer is valid until the 12th of dec, but you can check the company announcement section through commsec or the asx website, all the info is on there.
It's not uncommon for companys to extend the offer for a longer period if they are close to reaching there target though.
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depressing. Now that shares are back up I was looking into investing in this company but I couldnt find it on the asx. Poked around the QGC website and my fears were confirmed. I remember when this company was a 60c a share darling. and holding some of the largest gas tenants in QLD. Shame it has become foreign owned but then they did offer a lot for it.
