Posted on Stockhouse
2/5/2013 1:33:30 AM
"With respect to the number of shares which Heritage Oil is permitted to acquire, as per their binding agreement with PFC, they are not allowed to have more than 20% of the total issued shares. If they want more than that as a percentage, then they must bid for the entire company, not just acquire a larger percentage of the holdings by stealth.
That is perhaps why management has determined that it would be better to shop the company out, at this juncture, rather than continue struggling for capitallization for the proving of of the basin through ongoing costly drilling which might go for three or four more years before the financial and physical infrastructure is firmly secured to bring the gas and oil to market."...
Read more at http://www.stockhouse.com/bullboards/messagedetail.aspx?s=PFC&t=LIST&m=32126027&l=0&pd=1&r=0#oA46D4CHUStQ2ZR6.99
Cheers
heritage oil, page-3
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