I get what you guys are saying & appreciate the posts. The problem is that the legacy producing assets have never been recognized for their value by the market. The share price prior to to the Range results never got above 20c and that was achieved only because Macquarie dropped an offer, albeit a low ball one. Even now they've effectively monetized the producing assets thru' the NZO deal, the value ascribed is crystal clear & the market still doesn't recognize the value in the equity. The share price has been languishing for years, many shareholders want to see some reward for holding on. The share price has pretty much stayed within the 7-20c band for the last 5 years, the Range announcement excepted. Management recognize this & want the share price to start reflecting what the company is sitting on. That's what they are hearing from shareholders. There are multiple catalysts for share price accretion within the current portfolio of assets, I and I think most shareholders want those catalysts triggered and the sooner the better.
On debt, they've had way too much and it's heavily constrained what they've been able to do. I'm happy to see it now at an appropriate level. The company can finally both service it and has the cash to start to test & hopefully monetize its assets. As to Pilch's idea that raises further equity rather than monetizing existing assets, yep that's perfectly fine if those targets produce but if they don't (and you know there's no guarantee with a drill bit) then you're stuck with an equity base 20% larger with the same sized assets. $14 million doesn't go far enough for the drilling program (that's just the Armadeus work overs required & the Deeps) and getting Range to FID (which I think has to be the priority). They need more cash. I'm happier with the approach they've taken.
What I don't want is another "spilling of the Board". Part of the reason CTP hasn't gone anywhere has been the incessant instability at Board level. It's been a disaster. It may well be bloated as you blokes say, I don't dispute that but I'd rather that than have to start again...and with whom & over what time frame starting again? In the scheme of things the amounts you are talking about is peanuts compared to the sums in monetizing the value of the assets. If they do what they say they're aiming for and the share price follows, I don't think anyone will begrudge the corporate costs because the share price should be multiples of what it is today. Well, here's hoping anyway.
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