They've sold 1.3M shares in Breitburn for peanuts, they could have done it @ $8 or higher. So why have they waited until now to start cashing them in? Another question never answered in public.
Yes the loan was re-paid, he didn't have much choice thou did he, better to be one step ahead & hand it back voluntarily before you're forced to do so.
AS1M left in cash isn't going to last them very long is it?
So effectively they raised close to A$2M so far (loan back & shares sold) yet only A$1M in the bank & @ A$3.5M in Breitburn shares.
Does no-one else find it alarming that the sales process didn't yield a single offer?
I would have expected some sort of offer to be submitted by someone, even although it might have been well below the company's expectations.
Yes there seems to have been a hive of activity lately, but why didn't it occur much earlier I ask?
The latest proposal would yield the noteholders another A$4.75 - A$9.5M on top.
So A$47.5M + Interest of A$1.2M per quarter + added payment, to come from assets that are depreciating in value with each passing day, since so little of the acreage is held by production.
LOTM
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