This is a really important observation.
"... Such a risk with STA shareholder's only unencumbered and demonstrably valuable asset ($43m = ~3c/share, or more possibly priced as a future development inside a company with huge, valuable tax losses etc) without a shareholder vote is outrageous...."
It's obvious that the lenders are running the show for the benefit of lenders. I think the technical term is that they are basically 'screwed' in as much there is not a lot of salvage value within the Coburn Project so they may as well gather all and anything that can be readily gathered. The problem I have with this is that the only 'winners' are the lenders and the guaranteed losers are the less empowered ie shareholders.
Why wouldn't shareholders resolve to liquidate Strandline so as to access the Tanzanian assets ahead of secured creditors? After all, the secured creditors have had a lot more airplay to get their grubby hands on everything they thought they needed to secure their position ...
Just a thought and I have no doubt hopelessly flawed strategy but for once, it would be nice to push back on a lenders sense of endless entitlement and abuse of position.
Just a thought!
Have a great day?
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