Yes indeed, there would have been some sort of agreement why they didnt persue that option. Moreover current shareholders been restricted in open offer, only iis can participate in placing etc
In december they agreed debt extension with Melody why did board opt to repay by diluting asset.
Melody gave loan at 3GBP per share now scooping the asset at 12p
They would have opted to drill spanish point with new fund collection, it was better bet from shareholder perspective but Durid demand more drilling funds and board opting to dilute at pennies before oil recovers.
Yes its awful strategy there intention is dilution.
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
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.
They dont have a plan, all i could see they are targetting for joint venture which IF happens. There should be salary and redundancies which isnt visible
As phonner pointed lansdowne is selling 28% asset to less than a million, and whole company is worth around 3.5 to 4 million i.e 20% of barryroe. Arent there anyone who can offer 10 million for 20% barryroe. The intention clearly dilution and scoop the assets. How come directors can allocate themeselves millions of stock for outstanding salaries, they were never bought in open market. This is clearly equivalent of insider trading they know whats coming and executed.
Watchout its the dilution they are aiming at, loan is also getting convered to stock options. PVR will also hit in the sameway