Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
Premier are paying $23M for 60% of "an accumulation of more than 1 billion barrels of oil in place"
88E/Burgundy are paying NIL for 40% of "an accumulation of more than 1 billion barrels of oil in place"
I hope we can do more of these "shockingly abysmal" deals in the future.
Possibly in a podcast, but if there's no link from apunter2 I could well believe Chartman's sauce comment!
In the mean time this is an interesting article on PMO's CEO (I've removed spaces in case it gets mangled). Seems given how close they were to going out of business he's extremely prudent and highly selective on what they choose to now invest in.
managementtoday. co. uk / premier-oil-survived-oil-price-collapse-haggling-bankers-botched-investment-return-growth/growing-businesses/article/1590211
He made good points on why it was Premier not a "major" re timelines, working interest and culture. Basically with a major there would have been no split into areas A, B and C they would have wanted the lot, they would have wanted the HRZ as well as the conventional and there would have been no drill until 2021.
I topped up with another 1m this morning. I've been on a free carry since getting back all my initial investment when we got up to 4p or so a couple of years back. CR and dilution is often disappointing but can be a necessary evil. This funding will see us through the PO testing in Q1 which was a concern to lots of people. I think there's a very good chance of the drill being successful given the partner and time involved and the sp to reflect the success, hence my top up today. GLA.
If the BoD have a legal obligation to get the best return for shareholders then there must be an open bidding process for the assets, not merely allow an ex-BoD member to buy them unchallenged. There's a clear conflict of interest here.
Good posts Mike, Brom, Spine - also worth mentioning Dave has said in interview he has reinvested almost all his net salary into 88e stock and options. As a major shareholder his main return will come from a sp increase, not from his salary however large some people regard it. Failure of course will me no so increase and likely the end if this "lucrative" salary. c.f. 88e with AST where their board has almost zero shareholding.
Bob, as CO has not sold all his stock you have defeated your own argument. If he was going to dump it all he would have done so. He's retained 60% with a free run strategy which is common sense.
Also you're clearly in Reabold and slating UJO which is exactly the tactics you are accusing CO of running.