Out of money, out of luck, page-2

goodaye matt,
I am perplexed by your post.
what 10% dilution?
what loss of control of 50% of the Orbost plant?
yes, I agree that the pay of the M/D is astronomical for a small O&G coy. But I guess that the biggest s/h and the rest of the board are comfortable that COE are getting what they pay for.

the approval of the Res to allow COE to issue a further 10% equity in COE without s/h approval, is very common for coys of COE size. In fact it gives COE the ability to issue 15% + 10% = 25% of new equity without s/h approval.

as I see it, there has been no dilution, and COE still owns 50% of Sole, and 50% of Orbost.
COE has not issued, nor announced any plans to issue any more shares. Fact.

What it has done, and what I think you are referring to, is the statements regarding their options for the future.

I cannot remember the $, but I recall that the cost of development of Sole, the construction of pipeline and moderfication to Orbost, will cost hundreds millions of $.
So COE share will be 50%, so a big number for COE.

I thought that report from COE was great, because it outlined the way forward, and gave us an idea of what options they are looking at.

what I did take out of that is that there almost certainly will be a CR. So you are right.
and you are right, they did say they will consider selling down a % of Sole.
But imho, this is in conjunction to a raft of other measures.
We s/h have to try to read between the lines.

But what COE are saying is that the CR will form part of a very much larger funding process, and that way it will keep the CR (dilution) to a minimum.
It's a big project for a small coy, but the returns will be absolutely transformational for COE. They are talking about 500% increase in revenues from Sole, and bigger when Manta is taken into account.

IMHO, this stock is bottom drawer stuff.
it is a process of derisking, and COE are moving along that curve.
so like many stocks on ASX, we need to be patient.

good luck with your investment, and I hope you don't get the chance to buy into COE at lower prices. LOL
DYOR
cheers