Providence Resources Forum

All existing shareholders money is drained out

Expecting Durid will save us is like dreaming of lotto. They should have disposed atleast one asset; how many assurances this person made and where we are today

To save 50% drilling costs they are diluting asset by 70%. Merciless ruthless board we have

Proof Board don't read this message board - Lastly, and most importantly, we would like to express our sincere thanks to our shareholders, both existing and new, for consistently demonstrating their support and belief in both the Company’s strategy and the management team’s efforts to progress this strategy and develop our very significant portfolio of assets offshore Ireland.”

That is right bulleye. Hopefully Druid will save us.

Phonner, its about 77million usd read last paragraph; everyone is grabbing the asset. If thete is any bad result at Durid all existing shareholders are burnt to ashes

Press were 99% right on this - surprise surprise. I note the board are participating - I wonder is it at 100%. It all now seems to hinge on Druid - I'm surprised we don't let majors drill in area first, rather than proving it for them. 20p by the end of the week?

68 million raised, with the possibly of about 4 or so million from ordinary share holders. Twenty seven million to be spend straight away paying transocean and Melody. Shares back in trading tomorrow.

New RNS existing shareholders get burnt out; they are raising about 300% more new shares ar 12p. Melody converting some loan to shares, wow amazing at throw away price.

You would think Spuddy, but alas I for one will not be holding my breath!