You make it sound like this was there plan of action.
In other words they used the possible sale to boost the share price (thus keeping shareholders from being disgruntled), rollover the loan notes, issue more loan notes for cash so that they could take a punt at drilling these wells.
Which makes it look then like Antares were the ones constantly extending the closing date etc for the sale.
Why did they have to do it that way, easy, production was way behind schedule hence the suspension of the loan facility, so they had no access to cash to fund the drilling of more wells.
One piece of advice and that goes to anyone else reading this, the next time you make that call, just remember to take what you hear with a pinch of salt.
LOTM
AZZ Price at posting:
38.0¢ Sentiment: None Disclosure: Held
