Proposed Take-over Act 217 Mar 2023 09:30
Many think this is an extremely low offer for RBD. It may be, but nobody actual knows not even RBD. It may be just a first foray to flush out the CEO's. April 12th at the latest may provide an update.
The timing of this offer is significant, as it probably places the dynamic duo in a 'catch 22' quandary. They haven't got the funds to pay both a dividend and finance a West Newton drill (bail out Rathlin) until Shell pays the final millions of pounds instalment. This I cannot see being paid before the end of this year which makes good business sense.
Therefore, stagnation at West Newton seems to be the order of the day for 2023 if Reabold stay in control.
A good point is made by NVG about very long lead times for organising materials and rig etc. This will require a great deal of financing up front. I cannot see this matter being resolved in the next few months with the West Newton project 'put on ice' for the foreseeable future.
Another poster also recognised that D.B over at Union Jack Oil will possibly not be too disappointed should the dynamic duo be ousted, saving the embarrassment of having to decline another injection of funding into Rathlin.
Very interesting times over the next few weeks and months for Stephen and Sachin. Defending hostile take over approaches is usually very expensive.
I do not expect a dividend this year given all the turmoil and potential upheaval.