sped, In the conference call of September 28, 2001 Jack stated that he would sell Aspen if he was offered in the $4.00 plus range per share. He very soon after remarked that he was not ready to sell but that he had been approached by those who expressed the desire to buy ASPGF.
We are a prime candidate to be taken over especially with the Oklahoma increased density rules that give us over 1,000 locations where we can go in and propose a well that's directly offsetting an existing well in a currently producing reservoir, much longer life reserves than the average oil and gas company and prime properties in Alberta.
According to a Lehman Brother's report the key determinants of large and small E&P company share price performance are per share growth in reserves, production and cash flow, rather than historical accounting measures, such as earnings and returns on capital.
Since the conference call of September 28, 2001 we have acquired more reserves. Many of the posts from analysts on iHub reiterate how much more rare reserves, especially natural gas properties, are getting. Therefore we have only become more valuable and attractive a Company, although not in pps.
I think there may be a correlation between the fact that it takes 30 plus days to get a copy of Aspen's recent report, which they have to know is a turnoff to the average investor, the fact that they are tracking those who are requesting the report, the fact that our most recent press release was regarding previously unreported activity, the fact that the shm was not publicized to any great extent and that we are now getting trusts, maybe a holding company, one fund and what ever it is that Northfield holds our shares under, the fact that the Company seems to be letting the share price lag on purpose AND THE LARGE PERCENTAGE OF SHARES BEING BOUGHT BY INSIDERS that might point to what could be considered a defensive stance. Aspen looks to be circling the wagons.
How did Beacon who is a beneficial owner (BO) of 6.7% of Aspen shares get out of filing a 13-d? Does this mean they are on our side? Rule 13-d Often used in risk arbitrage. Requirement under Section 13-d of the Securities Act of 1934 that a form must be filed with th SEC within ten business days of acquiring direct or beneficial ownership of 5% or more of any class of equity securities in a publicly held corporation. The purchaser of such stock must also file a 13-d with the stock exchange on which the shares are listed (if any) and the company itself. Required information includes the way the shares were acquired, the purchaser's background, and future plans regarding the target company. The law is designed to protect against insidious takeover attempts and to keep the investing public aware of information that could affect the price of their stock. See: Williams Act
Why does Jack consider it important to emphasize and go out of his way to publicly announce the large amount of shares controlled by the Executive Officers and Directors in a recent press release?
The election of the newly elected Board of Directors increases to total percentage of Shares controlled by the Executive Officers and Directors from 37.2% referenced in the Management Information Circular, to over 40%.
That 40% figure is, I believe, confirmation that Aspen is the target of hostile takeover bids. This is JW's warning shot and could explain the strange goings-on in the backroom.
The importance of the 40% can be found in the following segment chronicling the hostile takeover attempt for Idion.
The offer will almost certainly be rejected by Idion's management - which holds more than 44% of the company's shares - thereby preventing DataMirror's offer from succeeding.
Coronation, an institutional investor, which has an 11% interest in Idion, has already indicated it will not sell its shares before the price is at least 300c.
If only Idion's management refuse to sell their shares, DataMirror's bid will be unsuccessful, because it will not be able to obtain an interest of 50% plus one share, as it wants.
Sped there too many things going on that are out of the norm. Jack, Chad, Kent, Mercer and Notman are not stupid. It seems they are up to something. From what I have posted it could be they have set up a defensive posture in response to the threat of a hostile takeover, which I think now with the percentage of shares held by Aspen insiders would be very difficult for a raider company to achieve. Truly "friendly" mergers, acquisitions or takeovers are rare but merger and acquisition activity in our sector is extremely high.
This is only me putting some pieces of the puzzle on the table and trying to make a picture. I could be wrong and I do not think a takeover could succeed at this time but I feel the threat is there. Am
Market Data 
Markets 
AI
