A group associated with Joe Mercorella, CEO of Lion and executive chairman of Entek Energy, has accumulated around 8.5% of Cue’s shares in recent times. He said however he did not have any further purchases in mind – “frankly I don’t have the money. We’ll have to wait until the till is full again,” he said.
His group comprises horse breeding entity Tulloch Lodge Ltd, Unley Financial Strategies Pty Ltd, Permanent 3 Nominees Pty Ltd, MZF Pty Ltd and the G&S Mercorella Superannuation Fund, most of whom appear on the Lion and /or Entek share registers.
“Lion has Indonesian assets, and I like what Cue has. We’re a passive shareholder and I think they’re undervalued.
Cue's prime asset is its minor share in the Oyong discovery, operated by Santos, in Indonesia.
Cue CEO Bob Coppin said he was aware of the group’s movements but not their intentions. “We’ve been watching what they’ve been doing. We’re good value, so who knows,” he said.