Ann: Trading Halt, page-19

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arkus

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13/01/21

18:02

Post #: 50147027
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Originally posted by raimop: ↑

Just trying to break down the announcement – the main points are:
A review of its investment in wholly owned Canadian subsidiary Salt Bush Energy Ltd.
The news would be "material to the company".
Saltbush Energy is the owner and operator of the group's Wizard Lake Oil and Gas Project in Alberta, Canada.

WHOLLY OWNED SUBSIDIARY
A subsidiary company is a company that is controlled and at least majority owned by another company. The company that controls the subsidiary is called a parent company or sometimes a holding company. If the holding or parent company owns 100%, the subsidiary company is called a "wholly owned subsidiary." The parent company owns all of the common stock. There are no minority shareholders. The subsidiary's stock is not traded publicly. But it remains an independent legal body, a corporation with its own organized framework and administration. However, its day-to-day operations are likely directed entirely by the parent company.

REVIEW – MATERIAL TO THE COMPANY
This part is complete speculation but having regard to the financial situation of WBE maybe the following questions
Can a parent company dissolve a subsidiary?
The trustee may sell off the subsidiary, liquidate its assets, or do anything else in his power to maximize the value of the subsidiary to satisfy the parent's debts. The subsidiary's board of directors and employees would have no say in the matter because the parent company is the subsidiary's shareholder-owner

What happens to a subsidiary of its parent company bankrupts?
The subsidiary has no assets to liquidate. One of the basic feature of Company is that it is a separate legal entity having a separate existence from its parent company, shareholder or Director. So when Parent Company goes bankrupt, legally it has no impact in subsidiary company

OWNER AND OPERATOR OF THE GROUP'S WIZARD LAKE OIL AND GAS PROJECT IN ALBERTA, CANADA.
Currently Saltbush Energy is receiving 100% of earnings from Rex 1 until payout and has an 85% working interest in Rex 2 and 3 until payout and holds a 100% working interest in all facilities, pipelines, and infrastructure and 60 to 100% in the mineral rights.

So IMHO the announcement MAY have to do with the re-structuring of the of Saltbush Energy from a wholly owned subsidiary to a subsidiary where WBE keeps at least 51% of Saltbush Energy and sells of the remainder and uses the funds to pay off existing debtand get on with drilling Rex 4 & 5

But please AIMHO & DYOR
PS We will know in 2 more sleeps so dare I say this patience please

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it is obviously good news
share action last week was totally out of ordinary and clear sign of:

1 impending news

2 insider trading on the knowledge of the impending announcement.

be angry that the company leaks like a sieve or be grateful that something good is coming

nit even sure why I bought in to WBE in the first place.... Think I fell for an add on HC...

WBE Price at posting: 0.4¢ Sentiment: Sell Disclosure: Held
5 Upvote

0 Great analysis

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Ann: Trading Halt, page-19

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