RE: re RNS20 Dec 2021 19:30
L, with the likes of Goodman, O’Driscoll, Furlong, LC, BHC, Stansfield, Menton and other major shareholders and their associated networks, I would imagine they will have a number of options, without having to knock on you door, or trawl through the dregs of spivvy Aim brokers, …GL S
BP comments from a couple of weeks ago…
“Even allowing for the fact that the SpotOn deal felt like an echo of the disastrous Apec deal, the company seems to have enough support from a sufficiently large bloc of shareholders to proceed on its own.”
“A number of sources to whom the Business Post spoke, but who declined to be quoted on the record, echoed this view, but added that the company’s board, which is now led by Menton and Mackay, must provide a detailed and credible plan for the drilling.”
“A strategic review is underway but its details are a closely guarded secret, according to several sources. Shareholders want the review to set out a clear roadmap to developing the asset, however, which they feel could restore broader confidence in the project.”
“Just how much they will put in is a broad question: a drilling project of this nature could be small, in the high single-digit millions of euro, or it could run to more than €50 million. The quantum, according to those sources, is entirely dependent on that plan and its credibility.”
“The appetite, however, is not in doubt. One individual, when asked, said that if the plan was good, they would write a cheque for the rig (ie, the engineering set-up for drilling the oil). Another said that any future fundraising would probably be oversubscribed, either by new shareholders stumping up money to take a stake, or existing shareholders looking to maintain their positions.”
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