CALIMA ENERGY - Positive Outlook, page-243

Could this could be our "takeover buyer"..?
Should they snaffle CE1 at 5.5 this puts an EV of $25m on the company ( I'm assuming that the 0.4cents destined for shareholders and as faithlessly promised - in writing and before an audience in Noosa in November- by Freeman) .
When evaluated across production and reserves an EV of A$25m places Calima firmly in the outlier class of Canadian E&Ps. Some shareholders will recall the peer comparison made with listed Canadian E&P Gear Energy at the time of the Blackspur acquisition in April 2021. Since then the GXE shareprice on TSX has gone from C52 cents to C64 cents and it has paid out 12 cents in GXE dividends. That's a TSR over 32 months of 46%.
Over the same period Calima has gone from 14 cents to 6.2 cents whilst paying out 1.2 cents in a A$7.5m capital reduction [[ not A$10m as is falsely stated below by Freeman] for a total shareholder return of minus 47%.
Time to dump Freeman.