AJQ armour energy limited

Ann: Notice of Extraordinary General Meeting/Proxy Form, page-2

  1. 426 Posts.
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    Why does nobody comment on the important announcements and only the management reports hyping up production.

    FYI - for those who don't want to read. Management are calling an extraordinary general meeting to issue 290m shares (more than 15% of sharecount) at the equivalent of 1.9c, to Tribeca to repay them out of their bond. They're also intending to give them 45m options.

    Even if this somehow did turn (not sure how), there's been so much dilution and there's so many options out there that the upside is very capped.

    It's almost certain that another hugely dilutive equity raise on the way so they don't default on the upcoming senior debt facility partial repayment.
 
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