What's happened to the balance of the return of $$2.5million from the Montney asset sale? Nothing mentioned.....it'll be subsumed by the Blackspur asset sale.
Highwood had offered an equivalent of around 19.5c a share only 7 months ago and that deal was scuppered by CE1's Directors due to "energy price volatility" & their stated intent not to sell the assets at less than what equivalent assets were trading for in Canada(multiples of 2.5-3.5x) yet here they are selling at the bottom of the oil cycle (at what around 1.6-1.7x?) for a third less to the prior offer to a suitor that is Chaired by a Calima Director. Stinky? Make of that what you will.
To entrust that you'll receive 11c from the proceeds considering managements history I think is naive. The wording as to proceeds is (deliberately?) vague. Their intent is to deliver no less than 85% they say. They could just state they will distribute 85% but they haven't and won't.
The Directors were looking at another "asset" to invest in that I understand only fell through very recently. Beware a return structured like the Montney proceeds....some now...some later. What's happened to the second Montney distribution due Feb? Crickets. I expect they'll pay perhaps around 7.5c soon after receipt of proceeds.....hang on the balance to spray the balance of funds on who knows what.
Love the retention of a single well to justify the management compensation. The only winners here are the Executive. Shameful self-serving governance.
I took 11c guaranteed on market. I'm out as of today. Best wishes, it's been very dirty but alas no fun.
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What's happened to the balance of the return of $$2.5million...
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