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One reason I didn't believe a partial sale was in the offing (as has been discussed lately) was due to the fact that the directors need a chance to exercise options so they are rewarded. Not such an issue for PG, but Lonny didn't have that many.
Also bear in mind that any sale would achieve a higher price if a buyer has already been lined up.
Ducks.
New institutional support can mean new institutions or new support from existing institutions. We may see TR1's but I'm not holding my breath.
Whether we do or don't it's fairly irrelevant, the testing results are the only really important things for the share price in the near term (assuming no news from Ireland or Trinidad).
Jimmy,
It is cheaper and faster to place shares to a few II's/brokers than to manage an open offer to all shareholders. I'm assuming PRD need the money asap otherwise they could (should?) have waited until after releasing the cpr as they had committed to previously.
The price always drops prior to the placing as word gets out, it's a sad fact of the way the market works.
Paul may well feel he has enough shares already (when his loaned shares are returned at least), but they are in a closed period at the moment anyway. It would be good to see Lonny buy more once all the sensitive info has been released.
Silverfoil - I would also recommend 'How the World Really Works' by Vaclav Smil. He lays out just how essential fossil fuels are to our society, not just for obvious things like power and transport, but also for e.g. the production of fertiliser, without which we would only be able to feed half of the current World population.