RE: First tr1…takeover ?15 Apr 2023 08:45
I’m not sure it’s accurate that they can’t sell for 12 months, it’s states “admitted to trading within next 12 month”
Even so, if you’ve just provided your legal services worth $2.2m, it’s a massive vote of confidence that
a. You would rather be paid in shares than cash
b. You’re happy to accept shares at a premium price
c. You wouldn’t take the risk if you thought the SP was going to fall and therefore diluting your fee.
Not forgetting, these have an inside track on current state of play, they are part of the JV deal, they no doubt have seen an opportunity here.
Those saying, they had no choice but to be paid in shares, what a load of tosh, if the company can raise money for a gas gathering system, they can raise money for their legal fees, legal are one of the first at the buffet when getting paid. Looking forward to next week and ahead.
“Further to the announcement of March 20, 2023, the Company has also issued 26,842,036 common shares (the "Shares") settling $2.2 million of payables to arm's length creditors of the Company. The price at which the Shares were issued was at a premium to the LSE share price.
Applications will be made to the FCA for these Shares to be admitted to the Official List and to the London Stock Exchange for the Shares to be admitted to trading on the London Stock Exchange's main market for listed securities within the next twelve months, in accordance with Listing Rule 14.3.4.“