Very Curious Indeed2 May 2024 08:39
I dipped into this with pure speculation and curiosity knowing it’s a shale company and just prior to its suspension so I am looking on with interest. A few interesting things that stand out for me:
1. the Company and its auditors have requested additional time 'IN ORDER' to complete an ongoing corporate restructuring with the objective of recapitalising the Company and the elimination of its outstanding liabilities and corporate debt.
2. The Company is targeting the publication of the 2023 Annual Report in May 2024 but this is CONDITIONAL upon the Company completing the Corporate Restructuring
3. The Company further confirms that it has ceased discussions regarding any reverse takeover transaction, as the progression of any such discussions is DEPENDENT on completion of the Corporate Restructuring.
And it kind of summarises the below by saying “The Company will therefore apply for the suspension of trading in its shares to be lifted, FOLLOWING the completion of the Corporate Restructuring, PROVIDED the Company has published its 2023 Annual Report.”
So, there is no dilution to restructure as the restructuring comes first before suspension is lifted. Which will be very much of interest to me how that will be done.
Clearly whoever they have been speaking regarding reverse takeover has told them ‘First get your house in order’ until then we will cease discussion.
I think it will be a hold for me and may even add if it drops on the lifting of suspension. If it goes bust it goes but curiosity will get the better of me. Reading between the lines of their report, I am going to speculate to hold or even dare to add.
And right in the end in simpler terms, it means that even though trading of the company's shares has been paused, the company will still provide updates if there are significant developments related to its restructuring plans. And it adds additionally, the company will continue to follow the rules about sharing important information as required by regulations to ensure transparency and fairness in the market.