it wont solve the problem ......so its just a side-show!
1. if a major shareholder, that supported the last cap raise - elected to vote "no" - then FAR would be insolvent.
2. major shareholders understand ALL this - and would want to maximise any remaining value ........
3. the FPSO has been brought by the JV - when does it have to be paid for ?
so - management can try and "drag-out" the process .......basically the cash in the parent will end up in JV accounts to pay for what has already been ordered ........this means a ticking clock
management CAN NOT preserve value in the current "vehicle" b/c its not funded ......
the only remaining option is to "merge" with an entity that wants this risk-reward play, and has the ability to fund.
the statements in the AR "consider non-payment" kinda highlights non-preservation of value" and more abt preservation of job.............
hopefully, for all holders - management act rationally .................its probably a big ask......
equally obvious - you are not going to get anywhere near full value in the current environment .....
2-3c would be "full" ......
does grant any acquirer a call option over OP ....
rgds
V_H
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Ann: Annual Report to shareholders, page-78
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Last
47.5¢ |
Change
0.005(1.06%) |
Mkt cap ! $43.89M |
Open | High | Low | Value | Volume |
46.5¢ | 48.0¢ | 46.5¢ | $110.3K | 234.9K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 217746 | 46.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
47.5¢ | 68975 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 107000 | 0.465 |
1 | 30000 | 0.460 |
3 | 135000 | 0.455 |
7 | 328578 | 0.450 |
1 | 30000 | 0.445 |
Price($) | Vol. | No. |
---|---|---|
0.480 | 10000 | 1 |
0.500 | 3792 | 2 |
0.520 | 25000 | 1 |
0.550 | 12285 | 2 |
0.600 | 3176 | 2 |
Last trade - 16.10pm 24/06/2024 (20 minute delay) ? |
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