Does it sound like I am complaining Churbro? Surely not.
I am not complaining about getting in specie distributions in Cortical Dynamics and MDS in 2010 (or 2009?) either. The value of these shares, however, is zero to me as they are effectively illiquid. I accept that Advent Energy may list, but it is not a foregone conclusion. I saw the share price of MMR in 2010 reach around $1.00 as I recall. Unfortunately I discovered MMR too far along Hype Road in 2010 and bought in at about 80c per share only to see them plummet after the duster, but I do appreciate the potential value of the hype that will precede a second drill.
However, I am a MMR shareholder with its PDF status. I chose MMR for PEP11 exposure rather than BPH, GBA or BUY for tax free gains. If we get an in-specie distribution of all of our shares (which will surely not be 1 for 1), then we will instantly lose tax free exposure to PEP11, and even before we think about the tax man, we will be at the mercy of the Advent board to list before we can realise any cash potential in our shares.
I see with interest over at BPH that Mr Breeze has ordered a 1 for 10 share consolidation. The last consolidation Mr Breeze did was 2009 I think, and the value of my shares at the time were not preserved, despite assurances that share value should be preserved. I expect Mr Breeze intends to use BPH once again as a vehicle to raise capital for PEP11.. At the current share price of any company with interest in PEP11, raising $20 million or more to drill would blow the shares on issue half way to the moon. Shareholders of any company raising capital to drill should expect extreme dilution of their holdings.
I don't understand your expectation that Advent shares will be worth 14 cents. Share price is based on the market, not wishful thinking. The share price is a reflection of many things, including the major fact that this project has gone nowhere for 10 years, despite to "looming" gas shortage. I still believe in PEP11 and its potential for great returns (even after the duster of 2010) in the hype leading up to the drill, and following a successful find of gas should they hit the right spot (and the gas is actually there). We wont talk about what will happen in the case of a second duster - it's too painful.
In the meantime, hopefully MMR is working feverishly on some other investments to venture into in anticipation of a possible in-specie distribution of its PEP11 shares. Or maybe figure out a way to keep PEP11 with MMR and allow our future potential gains to remain tax free???
(20min delay)