RE: Research note USA Small Cap10 Oct 2025 10:45
The decommissioning costs could be argued as a stress test further down the line or could come in to effect should the permit not be granted.
Yet another headache for David on top of a notable falling oil price today.
So where was your comment on today's RNS, David ?
I must say Kim_Clay on ADVFN always captures my attention :
The last minute cancellation of the previous meeting would suggest that the "shareholder feedback" was the that they voted not to approve the issue of warrants which the company had agreed to with the placees, (albeit subject to shareholder approval). If this is the case, and it's difficult to see another rational explanation, Having already handed out the shares they were then in the difficult position of requiring shareholders to agree to the warrants or the placees might want to unwind the deal. Perhaps the placees were foolish to assume that warrant approval was simply inevitable because the company would be in a bad place if they didn't, and perhaps management took the same view that approval would naturally have to follow. Cancelling a meeting and withdrawing a resolution is the usual route to not having to disclose a voting outcome, often used if a Director is not going to be re elected, they resign immediately and the resolution for re election is withdrawn to spare their blushes. It would seem that the only solution is therefore to "encourage" the shareholders to agree to the warrant issue by giving some warrants to the existing shareholders too hoping they might then approve the issue to the placees. I presume this is a single resolution as you wouldn't want shareholders to approve warrants to themselves but vote down warrants to placees⦠would you!Perhaps this is not the case at all, and management just thought it's only fair to offer warrants to shareholders.. I guess we'll never really know.
kim_clay
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