Well that's that out of the way. Main objection seems to be that...

Well that's that out of the way.
Main objection seems to be that they did not throw the net wide enough. I agree it was a bit rich that PRC got fees on their own take-up as well. Ok so ABM are now looking at flimsy cash balances and no revenues. I still don't see them in any better shape than if the RI went ahead.
Now, what if they "go to the market" and "genuinely attempt to find additional sub-underwriters" but what if no one offers better terms? Does this then mean that PRC are back in the frame, and away we go again with another RI underwritten by the same company?
I tend to agree with Salt's view though that ABM will do nothing until it gets some positive drill results that might excite another party. Its now a game of, what runs out first, cash or hope of major drilling success. My concern now is the lower cash balance are run down, the more desperate the situation becomes and the more we will look like a carcass to the vultures.
I hope there is a generous suitor out there, with no self interest waiting to come to our rescue, ( tongue in cheek of course)
GLTAH
PB