Was Galbraith Mr 5 % Dr Who Mr 50% Why would JF exchange $100 million of Debt owed to GKP by DR Who MNR for an extra 5% of Shaikan. Hawrmi and JF have valued shaikan being worth $2 billion, gkp SHARE is 54% plus the BIR, minus GKP debt, but GKP still legally own SA.
PI's hire Dana lawyers and head to the Bermuda courts, they would have to take control of GKP, and how can a court ignore $100 million buying 5% of shaikan, GKP own how much plus TKI5% which investors brought shares in GKP based on that 5% being held by GKP =GKPI.
Yeah, the KRG will ultimately decide who take us over. Nobody is taking over licences without their say so. Who buys into GKP though, likely isnt their business, and the bond holders wouldnt own the licence, just GKP. DNO work with the already, so it would make sense for them to take over GKP. But then how wasnt BB sold to Genel either?
We will find out more in the coming days no doubt. First impressions are that luckily, Ill get a few quick back out of this poisoned chalice, and treat the Mrs to a new handbag and a swish holiday, as a consolation prize :D
I think the point is that the DNO proposal wouldn't happen after the D4E, because the bondholders would then sit on the asset and wait for oil prices to recover and for the KRG to buck up their ideas, and see their investment rocket in value when a takeover lands at decent price. Its not if Shaikan is worth double figure billions, its when. Big oil can sit on her for 10 years if need be. We cant and never could, not without KRG payments and that bond being dealt with, which the BoD failed to do. As Ive said many times, we should have been looking to sell half of the company a couple of years ago for half a billion quid or so, to a well funded backer in big oil. Anybody with any sense could have seen the mutual benefit in that. We would have been safe, well funded, and well set for the future, once the oil world panned out somewhat.
So, the DNO proposal would only ever be in place on the D4E route anyway. It will be interesting to see exactly what the DNO proposal is, as will no doubt happen when our great leaders see fit to share it with us irrelevant investors, but it cant be any worse than giving away 90%+ of the company in order to pay off 'only' $300 million in debt. Youd have to assume that the leak is correct though, as they tend to be. If so, the BoD have no option but to accept DNOs offer really, unless somebody else comes in and gets involved in the bids. Either way, we should just pay the bond holders what we owe them for now, and get them out of the room for another few months to buy us some time. We have the cash to pay what we owe for now, so why default on the payment, especially when defaulting results in giving away the company for pennies?! Its a joke.
Come on DNO, so us all a favour and get this dog taken over. It will one day become a Crufts winner, just not under GKPs watch.
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