So - if you were looking to buy the company you would presumably like to do so in the cheapest possible manner which would be to dilute the hell out of all shareholders and pay the lowest amount in doing so. The BH on the way could do a DforE conversion, accept a pre agreed price say £50m and then retain some shares for the ride - which in that scenario leaves what for the PI's ??
Why do you think people are shorting this share?? It is impossible even if you wanted to - which I do not.
there is a possibility that someone would takeover this share by paying off the BH - the probable means by which this would be achieved is to offer an agreed sum to the BH - ask them to convert DforE and then buy the shareholding off of them post massive dilution IMO - as I said to you not pretty for the PI's - this is not a deramp buy an observation which while you may nor like is the most likely proposition IF there is a buyer in the wings
Heading for 2p today, nobody has done a deal in 5 years with the BOD. Oil companies have obviously looked at this and for some reason no deal. Perhaps we have not been told everything or just not cost effective in current environment.
They will let this run down and the Bondholders will make a mint, the worse part is the compulsory purchase that CC informed us about if own over 90%.
Basically why buy it now when after 5 years zero interest? It could happen but the reality is this is a sinking ship and the captain is in the only lifeboat with all the cash.
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