The 15% rule is there to protect shareholders. It isn't up to...

The 15% rule is there to protect shareholders. It isn't up to GGP whether they adhere to it. And it isn't really a matter of whether Lind hit 15% before the AGM. The rule is for any 12month period. Usually companies use the AGM to get approval and or ratify prior share issue which has the effect of refreshing the 15% allowance. GGP already expressed this intention.

But if voted down, GGP are forced to issue less than 15% until about May 2014. And 5% is already issued. They would have no chance in hell of drilling on that budget.

The only way around 15% rule is to make it a rights issue and underwrite it. Then it is excluded from 15% rule. And the likely outcome is large shortfall which Lind would be allowed to take. But I don't see a viable exit statergy for large volume.

They really need the next well to live up to expectations. Previous wells are worth persisting with because the large capital has already been expended. But if you had your time over and the benefit of hindsight then none of the wells are economical imo.

Even with the initial outlay writen off, some still might not be viable. When you consider the cost per frac stage and the frequency of each frac. Some look very boarderline.

I do agree with your thoughts on longterm chances of administration/privitisation. But it wont happen before the AGM in November.

I still cant work out why Frank participated so heavily at 0.5c when nobody else could be bothered, unless it ties in with a privitisation. Or just in general to secure future votes.

Not much has changed in 12months. And that is disappointing. Most companies have failures, but management are responsible for addressing the issues. All the issues prior to last AGM are still there. The legals, the funding, delays, etc.

So you'd have to say last years appointments have failed as have the whole team.

I'd think the two things they need to find in a director is operational experiance, preferably in the PB. And funding experience. Otherwise the next 12months will be more of the same.