Ann: Change in substantial holding - Nero and Collins St, page-13

there's only one reason to file jointly like this and it is explained clearly in the filing, 'proposing to act in concert in relation to the composition of the Board of Directors.' Recall there is history here, Nero's man, Doug Jendry, got rejected from the board back in 2020, see here:
https://www.energynewsbulletin.net/production/news/1399010/explosive-agm-leaves-carnarvon-management-red-faced

It seems quite likely this joint filing was prompted by CVN management attempting to paper over the cracks this morning with their weak offer of 'board renewal' and now Collins + Nero are planning to remove and replace the Board and simply run it themselves.

it is easy to calc SoTP value here, the net cash plus earn-out value, even discounted for ongoing burn and assuming no benefit of interest income, gets you 15-16.5c in value. the O&G asset value is about another 15-20c, even if we simply use the CPC transaction mark for the residual Dorado/Pavo stakes, plus a little (higher oil px); and then 10-20c/barrel on pre-2C contingent assets. this latter asset category could clearly be drilled further to prove out value and create more upside, but even so a 'bare bones' NAV today is pretty easily 30-35c and here we are trading almost at zero enterprise value.

I am a little surprised the stock hasnt moved more, it seems clearcut what Collins/Nero intend to do here and with the public filing there is no debate they intend to do it anymore. I would expect the rerate to be substantial once its clear that the new controllers will basically consider all strategic alternatives and prob proceed to realize, at the least, this 30-35c in latent value.

i bought more shares this morning.