I'm sorry folk's, but who accepted the $300M offer in the first place? err the existing directors (they could easily have rejected it there and then if they had wanted to).
Who then spent $26M on new wells when they didn't have to, as part of the sale agreement - the existing directors (were we ever really given a true explanation for doing so - No)
Who after 8 months of going through the sales process - and with little info disseminated to ordinary shareholders, asked shareholders to back there judgement by voting Yes to the sale - the existing directors.
No sooner had shareholders done that, than the existing board of directors withdrew from the sale (all of time up to the vote the could have done so, but choose not to)
The reason given for the withdraw was the excellent results/data from the new wells at Northern Star that the existing directors had seen in the days after the vote.
Have the existing directors in the last 5 months disseminated that compelling data to the company's shareholders? No
And the reason why we've not been allowed access to information that "normal" oil & gas company's provide for there shareholders is simple, the flow rates from these wells are rubbish - plain & simple -
Who's raised million upon million of $ with the issue of 10% loan-notes & what has it been spent on?
As for stock analysis reports - perhaps you should go back & read those of (26th June,10th July, 19th July 2013).
The latest one, is interesting for one thing, this statement "What Antares did was to use the 7 months between LOI and the due date on the deal to upgrade its assets so that it could activate a termination clause with no penalty in full and confident knowledge that the assets were worth much more than US$300 million." that to me is information that can only have come from one source & should not be coming through a research report, it should have come through the proper ASX channels.
I'm sick to the teeth of the way Antares operates, on Monday I will be contacting the ASX & ASIS regarding the above matter.
LOTM
AZZ Price at posting:
53.5¢ Sentiment: None Disclosure: Held
