Bittersweet announcement. The upside is the value is being...

Bittersweet announcement. The upside is the value is being better reflected. The downside is management have zero credibility and will be holding way too much cash to support unnecessary overheads at the expense of shareholders.

$83.3m in net proceeds, which triggers the performance rights. Wow, who would have seen that coming?



The real kicker though is they want to keep ~15% of the $83.3m, which comes to around $12.5m plus the $4.1m in cash held and a small bond. So all up around $17m in cash. That is way too much for a team that have a terrible track record of capital deployment and management.

Also, for management reading this, don't forget our January distribution from the Montney sale!!!



There is a chance that this could be voted down. Hopefully management come to their senses and pay out all the proceeds