I'm sure the administrators might have a thing or two they can do about it, but this is why I included the caveat that this is AIM and nothing is impossible.
Realistically though, the most likely outcomes are either receiving the same profit margin as COC or continue throwing money at the BOD retirement fund, while being thrown the odd scrap of good news to keep you on board.
Director Placing Shares William Kelleher 10,979,358 Peter Sztyk 10,979,359 Georges Sztyk 10,979,359
So here is the deal. The directors get to take part in a deeply discounted placing. They do not have to pony up any hard cash like any other shareholder. But can repay gradually over time from their grossly inflated pay packets. So what does XXXX do other than fund a bloated PLC overhead? It is engaged in some costly hell or glory drilling. There are thus two outcomes. 1.Glory. Drilling success. The shares fly. The directors repay the loans from their bloated salaries and are massively in the money.
2 Bust. XXXX runs out of money. Presumably the costly exec directors are let go in which case the loans are presumably written off. Or maybe XXXX limps along and still pays the directors huge salaries. This is AIM of course. In which case they can repay the loans used to get cheap stock with shareholders cash via their bloated service contract.
Better the devil you know and wait (very patiently) for CamGov to exdigitate.........
We should really think about things for ourselves here, what is the best option for us as a group. Relying on a 3rd party is silly as they have their own vested interests. Great that COC have pushed the price up by 30% but they are only doing it to feather their own nests. The same stands for any one else who comes onto the scene.
We should be pressuring the BoD, we need to get organised and put a representative on the board to voice our views and concerns, we need to try to take control otherwise all this is a load of hot air that can be ignored as we get steamrollered by proper money.
COC's interest has increased the sp 30%, that's a lot more than the BOD have done in years. Dream of this being over a £ if you want but this is AIM and Africa and it a good mix for realising full asset values. I for one will be happy with 50-60p
If CO takes control of the company, and they decided not to return any cash to the shareholders, instead lend the cash to our would be sister companies at a 0% interest 10 year loan. At the same time put Bowleven into administration, what can us shareholders do----- NOTHING.
That was back in the days when this share was subject to an organised ramping crusade for many many months, and before we farmed out the majority of our biggest asset.
Under the current regime, you'll be lucky to ever see 60p let alone £1. If things remain the cash will dwindle over the next 12 months, it will get to the point where there isn't enough left in the pot, so a great story will be released as to how they need cash to fund a massive opportunity (they're already sowing the seeds in the latest RNS with the mention of "plans at Etinde and Bonomo") - which lifts the sp temporarily until the placing to fund it is announced, then the SP finds it way back down to the placing price or thereabouts. PI get suckered in buying high as normal, and the coffers are boosted to allow a few more years on the gravy train. Rinse and repeat as we've seen so many times in the past.
On the other hand you choose COC and hope that their way of making money makes you a few quid too.
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