Rebel ,

It is not about the sophisticated data or fancy statistics. It is about simple arithmetic you learn in the elementary school plus using relevant and current data. You used irrelevant old data from the RBC to proved your point and this is why you come to wrong conclusion.

Putting animosity on the side and looking on the takeover transactions in Oilsand sector one can learn that they are based on the price on barrel of oil the purchaser is willing to pay for. (The same like on the housing market)

They are never based on the book value or shareholders equity as you suggested to the board.

If you use the UTS example Total`s offer is for 14 cents per UTS barrel of bitumen. That`s what credit crunch, environmental uncertainty and plunging crude oil have done to the energy companies.

During the good times the producing assets were going for $4 per bbl and non producing assets for $0.5 to $1 per bbl (Total purchase the Northen Lights for 47 cents a barrel ,Blakrock assets went for $4 per bbl).

The one misconception you promote on the board is that each share you own represents your piece of the pie.

The CLL Debt holders own the CLL and not the common shareholders. Luke ,MRC and oil reserves are taken as a collator by NOTE holders. In reality we do not own that much and as such will have not much to say about the offer.

By the way CLL conventional assets at this market are about 90 cents per share.

GMP CLL target you forgot to mention is $1.60 per share.

Hope this in only academic discussion and it will never come to CLL takeover and we can be rich and happy.