Yeah, I was pretty impressed with Egan too. He presented very well.
He mentioned that CVI has 12 months to action the claw-back arrangement. This was a shorter time limit than I had imagined. Perhaps others can confirm that 12 months was the limit.
He also said that he believed that CVI would eventually own 100% of Pensador. However, he said it was possible that there may be some Angolans who don’t wish to sell their share of Pensador. These Angolans represent about 5% of the Pensador shareholder base. So in this case CVI would own 95% of Pensador. Thinking about this now, I guess if the majority of Pensador shareholders agreed (ie. CVI), then CVI could just buy out the remaining 5% anyway. Right?
MS is off to London next week to help progress/finalise the work being done by the analyst team. Following that he will be presenting the results to parties in Europe and then the US.
CVI Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
