Hi Shipstern, I couldn't agree more. I always felt that 15% of Cambay for 6m was far too cheap if what we know is there can be brought to surface. So for 4m in script issued we get to keep the 15% which should be worth multiples of 4m.
Swings and roundabouts I guess, dilution in shares as against 15% increase of Cambay @ $8 gas price. Magna gets cheap script @ 5.4c and great exposure to Canning. Only fear is they dump stock after issue, but I would like to see them buy more with the other 2m @ market price and place someone on the BOD cementing their investment but who knows?
Curious to know who blinked first before the Unwinding trigger was pulled. Would not be surprised if Ron is happy with this result as he has been very low key in the wording of the ann's. and with Sundeep 'working behind the scenes in India' I'm sure with his contacts, approval could have been attained or extended.
Will be interesting to see how this plays out on AIM I expect more volatility until market digests news, certainly no rush for the doors here yet...cheers.
OEX Price at posting:
7.6¢ Sentiment: LT Buy Disclosure: Held
