questions for agm, page-38

A CR will be totally destructive to value IMHO
From reading here, most of us have discussed what we think these shares are worth, typically 20c plus. Certainly Crux at $300m and LT $150m and full Sedco loss puts the value at 17c so for the point of the exercise 20c.
A 1 for 1 at 5c will raise $60 net with value being 12c under this scenario with 2.7b shares on issue.
No guarantee that full value for the assets will be realised either because they still haven't raised enough money. Of the $60m , $20m will be paid to Shell mid next year to drill Auriga / abandon Crux wells, circa $20m will be utilised as working capital / used up on development plans (will LT produce as much during the summer months ? / demand), who knows re Sedco but $20m would be funds well spent to see it go away.
Auriga success takes on a new perspective and even success may not amount to more $ because NXS is still a price taker.
Potentially back to square 1 with an ultimate $100m spend on LT, long term funding of Crux $1.5b, just paying interest of $145m debt.
In a perfect world where each of us can participate, average down it may workout but the real risk is that the easy way out for them is to place the shares with an insto / company - our upside transferred with the added point being that the company has not actually been strengthened at all - the $60m has gone. Risk / Reward others stocks like PVD, CTP offer better exposure but a personal choice.
Sale of Crux is the only way out , even $200m for it would give an asset value of 10c plus the "upside for the tightening east coast gas". This stock would be above 10c in my opinion.
So hurry up Board and list Crux on Gumtree or Ebay