RE: We've been defrauded - RBM take note28 Mar 2024 14:20
Think we need to look at the big picture to make any sense of this. There was a time when Art was everywhere spouting positive stuff 993 mill barrels, multiple banks in talks on RBL, JV. There are many videos of him giving interviews at that time and it sounds great. Was this to just get liquidity in the market to fund infrastructure and buy bond shares? The RS report was withheld to ensure the PI's would keep piling their money in.
Then something changed, the positivity disappeared, the communication dried up. Mysteriously an experienced board didn't notice funding was needed and defaulted on more than one occasion. The new 5 mill GGS didn't seem to work. The JV walked after 15 months and not a reason given. Hiding behind NDA's. Trashed the companies worth and even said that the assets were not worth the debt. It is almost as if they were trying to trash and bankrupt the company and they succeeded. I believe they know the value is much more than the RS report suggests but have downplayed this and I am sure their data room will paint the worst picture too. They saw an opportunity to grab this on the cheap and then watch it be proven up and those recovery rates going north.