Hi Q
As a long term holder of OTE, for me the big picture is that OTE has changed this year
from a company that was making less than $0.5m per year but was obliged to spend $1m per year and had no foreseeable upside.
Now it is a company that is making more than it has to spend and does not need to raise funds to stay afloat. And it has a likely upside of Comanche that could see it be a multibagger.
This has not been an accident but because the management has got it together - they have in the last year assembled a team in the US that has the ability to properly evaluate projects and has connections so that it can access the good projects not usually available to a small Australian company. This means the good plays are likely to keep coming.
Yes if OTE is in a hurry to do a big exploration or a lot of exploration or needs to drill all of Comanche in a hurry, then its current revenue and cash war chest may not be enough. Hopefully there will not need to be anymore CR But unlike before where dilution did not see a rise in value, CR now should see many-fold return so that at the end of the day CR or no CR or holdings should go up and not down in the medium term.
Rumot
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