Voice, if I was still a holder I wouldnt be too worried. Evo, wants the cash there is no doubt about that. If it were anything else we would have seen a bidders statements that articulated their strategic plans as well as some tactical points around turning the business around in the ST. Alas, nothing.
The BOD will be able to fend off a t/o quite easily - due to their experience but also existing support. Unfortunately there are no instos on the register anymore. This would be one of the reasons that Evo think they can run over the top of the board. KC and AS are experienced operators so they'll see this through. I would say however that their presence on the register is, overall, a positive. In my opinion NEN management destroyed our wealth due to mismanagement; the vietnam program but also cali assets (these were my foundation and reason for investing in NEN). TO state the obvious, I was very very positive on a successful outcome at Cua Lo-1 - this was due to a combination of management expertise, and progress leading up to and during the campaign. Its going too far to say I was deceived but management certainly communicated their confidence in the well which at the time lead me to believe that I was in a derisked situation when in fact it wasnt. Many unknowns were still apparent during the drilling and the message at that time should have been exactly that.
I normally wouldnt accumulate a stock like NEN without a measure of surety. My mistake. In any case Evo on the register will put pressure on management to deliver now. It is a distraction but I welcome it as Evo may have some ideas - should their t/o fail - on how to utilise the cash efficiently. They'll need to find some way of making their investment work if they cant get their hands on the cash.
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