In previous announcement they said SBE owes A$17.8 milliin to WBE representing 85% of creditors. CAD is a bit stronger than AUD so the amount owed is roughly C$17.3 million. For the sake of simplicity let's say:
- WBE = C$17 million (85%)
- Other creditors = C$3 million (15%)
Sale of Wizard oil field:
- IBE (WBE debt forfeited) = C$1,664,000 (82%)
- IBE (WBE cash portion) = C$336,000 (17%)
Haircut after proceeds from sale:
- WBE = C$15.3 million
- Other creditors = C$2.7 million
If nobody has a superior offer for the oil field (greater than C$2 million), then IBE (WBE subsidiary) will own the whole field.
My understanding is that after all proceeds from sale are distributed, SBE will get liquidated, I guess that would be the only way for WBE to write off the loan and claim the C$15.3 million as a tax loss, not sure.
If someone bids 1 dollar more and WBE does not counterbids then WBE will receive C$1664,000 + 1. If this becomes the outcome: Congratulations to TSV/WBE Management, Chairman and Directors, you invested C$17 million in Alberta but will get back C$1.6 million. Please do add this achievement in your Linkedin profiles. All shareholders should be proud of you.
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Mkt cap ! $2.304M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
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1.4¢ | 27961 | 1 |
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2 | 254708 | 0.012 |
4 | 605000 | 0.011 |
7 | 914631 | 0.010 |
1 | 120000 | 0.008 |
2 | 340000 | 0.007 |
Price($) | Vol. | No. |
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0.014 | 27961 | 1 |
0.015 | 552359 | 2 |
0.017 | 483599 | 2 |
0.018 | 60000 | 1 |
0.019 | 323334 | 2 |
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