No...did no take part...did not offer and was not asked.
Nothing wrong with the loan except the 20% costs of the loan (if 10% goes to the lenders then someone is skimming 10% in fees...what the?)
I also have problems with the opportunity given to convert the loan to shares at their election (because this opens the way for manipulation)...CTR need to retain the right to pay in cash at their election, not the other way around.
Then we have cheap 1.5c options...over the top in my view as an additional sweetener...what is wrong with issuing the 4c options?
The "sweetener" will add another 15% gain with the shares at just 2c...significantly more the higher it rises.
Bronze1 argues there is risk at just 10%...I agree to an extent if this was the only reward...but the opportunity to convert to shares gives an out...besides, it would be the same risk from much higher levels, with the same return but for far less dilution, if only the Company were more proactive about retaining shareholder value; for example they should have released the preliminary field reserves months and months ago...and for gods sake change the way they communicated to the market.
AND OPEN UP THE CHOKE ON AT#4...
Bronze1 has done well out of this...no doubt...and I respectfully suggest this is not the usual path the Company takes...no doubt pursued by Bronze et al...some might suggest forced on them?
The LAR options reek of the usual MO though...so on top of all the previous shares and options they were issued, CTR needed to "incentivise" key management with 65m free shares?
Why...what were they doing?
What about production...how much are LAR taking from that?
Also...has anyone considered the cost of drilling...it is OUR RIG (LAR's actually), so with contract drillers, and just the cost of consumables, repairs, maintenance, diesel, etc...why are these shallow, in-house wells costing so much?
How much is LAR making from their drilling services?
It is interesting that 65m free shares are just 35m shares short of 100m.
Now we know...or do we?
I actually suspect we will never know everything.
Cheers
CTR Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
(20min delay)