Bit ironic really but I like to only hold one non-dividend oiler. Decided that GENL was a lot better option primarily due to debt exposure.
Regrettably administration normally means finding buyers for saleable assets (to repay creditors) as a prerequisite. Shareholders hoping for some crumbs are last in the food chain and rarely receive anything once due process has run its course. Whether administration can keep the Co afloat looks a long shot but no doubt vultures are already picking up assets on the cheap much to the fury of holders! Jeez I hope it never happens here I've had more than my share of corrupt hopeless management chasing rainbows!
Great shame but the writing was on the wall for sometime,certainly around 10-15 when the bod announced there was little value for shareholders. Yet people still piled in. The administration route should have taken place upon that announcement imo! Another one bites the dust! What decided you to pull out at 145?
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