Maybe the legal team is nailing the buyer to a defined legal committment before accepting the extension
Maybe once a legal committment( Maybe a deposit inclusive) is achieved the name of the buyer can be divulged and a date for an EGM be established.If needed. Remember a vote was taken in Jan 2014 to do such a thing
A point to be noted in amongst "the sky is falling down" is the actual value of the Antares leases.
The carrying value of the Breitburn shares.( The current value $7.5million)
Current cash about $3 million
Also the current new share holders at the most, have paid 50c per share.
Current capitilisation of the company is $120 million.
Add the liability of the notes, 23.75million @ $2 =$47.5 million.
( A cap raising for 200 million shares @ 25 cents would cover the notes)
Total shares on issue would then be 440 million.
There would be no notes hanging over the company. NO DEBT.
Market cap for 440 million shares @ 25c is $110 million.
Lookie Lookie the AZZ leases are worth in excess of US $ 250 million ( Even if we have to wait a year or so)
That is around Au$330million @ 75c exch rate.
That is AU 75cents per share value.
Bloody good buying for the cap raisers . A real good result for current share holders.
So why is the sky falling down.???
My point is, there are many ways to skin a cat.
Cheers IFINO
AZZ Price at posting:
50.0¢ Sentiment: Hold Disclosure: Held
