Hi **yberger,
there seems to be some view that the non disclosure of the buyers identity is somehow indicative of the Directors hiding something yet as I have previously posted , this is absolutely normal in US energy market
as per the scores of undisclosed buyers/sellers listed on shaleexperts.com which I would encourage you to look at.
On the 29th February another ASX listed US shale play - Austin Exploration announced a sale to an undisclosed buyer yet no one has suspended their stock because none of their shareholders rang the ASX like TT200 jumping up and down demanding they be included in confidential discussions.
Austin Exploration ("Austin" or "the Company") (ASX:AKK) is pleased to advise that as part of executing on its strategy of developing low cost oil fields with conventional oil targets and eliminating the risk of the Company’s debt burden, the Company has negotiated the sale of its 50% interest in its Mississippi wells for AUD$1.28 million (USD$925,000).
The buyer is a private Company and the details of the potential buyer are confidential. The Company was able to sell the property directly through its deep network of industry contacts and as such there are no fees associated with this transaction. Both Companies have agreed to close the transaction and for settlement to occur within 45 days.
I appreciate that we are all disappointed that the sale to the PE party has not happened as yet however appointing an Investigative accountant will not change that fact and will potentially waste valuable time and resource accommodating it, when the board should be out trying to get a deal done. Say you find out the name of the PE company ( even though results if IA will be confidential) what will that achieve.
The interests of note holders and shareholders are absolutely aligned so I hope you don't lodge a protest vote that could see the company fold. Should an extension be needed and most likely will, who is going to get the best outcome for all, some administrator sitting in an office in Perth or a management team that live in Texas , have done these deals before, have managed these assets for the ;last 6years and are dealing at the coal face with the investment banks /parties that could ultimately get us out of this mess.
AZZ Price at posting:
50.0¢ Sentiment: Buy Disclosure: Held
