"Our take: As expected, RockRose has reported a very robust set of FY19 figures. The Company represents one of the most undervalued E&P’s in the small/mid cap sector in our view, currently trading at only 32% of cash. The Company remains well placed to navigate the current economic climate, with the business underpinned by a strong balance sheet, hedging, and management’s ability to reduce capital expenditure...."
Exactly, still reading and digesting the RNS atm, lots of little things that when added together make a difference ... ie additional reduction of at least $30m on top of previous $50m Capex for example.
Not long now guys imo ... "we have evaluated.." so RRE know their next move, all about timing imo
"believing instead that the shareholder value is a more important metric, we remain committed to growing the business. We have built an excellent platform from which to do that and could deploy significant capital for the right opportunity. With that in mind, we have evaluated several potential acquisitions since closing the Marathon UK transaction, and we continue to evaluate potential acquisitions..."
Hence releasing our DSA cash for bonds to maximize cash for our war chest .... the fact we need to complete bond for DSA transaction tells me our next deal will be another RTO.