win win15 Nov 2018 15:24
another snippet worth 2nd read
Looked at another way, it does appear that Oilex shareholders are now in a “heads we win, tails you lose” situation. That being that if the conditions of the Stay extension are met by GSPC, Oilex will move to receive the sum of $2.7m per the application to receive 90% of the bank guarantee. Set against the current market cap of £5.87m, this is a material amount accounting for near 50% of the current market cap. In the alternate, should the Stay conditions not be met by GSPC within 30 days then the EOD (Event of Default) process will proceed and the expectation is that the residual 55% will be passed to Oilex.