Ann: Lukoil Proposal Not Proceeding, page-156

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elephantsong

499 Posts.

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14/04/21

15:24

Post #: 52463491
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Originally posted by jake0002: ↑

A NO vote is frankly a stupid decision IMHO.

As the saying goes - "Why cut your nose off to spite your face".

In a NO vote, the only loser is shareholders.

For clarity, it is not the Administrator who declares a Nil return (or whatever the amount) to shareholders - it is the Liquidator !!
And from experience, I can say that it could take years from the Adminsitrator being appointed, then the Liquidator being appointed, to selling off the remaining assets, calling multiple Creditors meetings, negotiating with creditors, negotiating with Tax Office, then Liquidator resolving that shareholders will get nothing - well that takes years !!
And what usually happens is the Liquidator sells the company shell, and the shell (with our shares till in the company structure (but worth nothing) just sit there until the Liquidator sells the shell with our shares. So our shares are still not written-off/declared zero, but we cannot sell them. Until the Liquidator or purchaser of the shell does something with the shell ie re-float it. years and years. I can give you examples.

The very WORST outcome for us is to see FAR vote NO and watch FAR go into Administration then Liquidation. FACT

To say that FAR can get funding of US$500m in todays climate, when FAR has no money, no prospect of raising equity capital, and is in DEFAULT under to J/V Agreement is totally ludicrous !!

If they could get funding, FAR would have already done that for heavens sake.

Just because we are not happy with the outcome, is no reason to ignore reality.

We all need to react with our heads - not our hearts.

Unless we get an unconditional takeover offer, then the ONLY ooutome to deliver any reurn, is to vote YES, and see FAR relist on the ASX.

That gives us breathing space to decide what each of us wish to do with our shares.

A Liquidation gives shareholders ABSOLUTELY NO choice or voice in the outcome.

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Remus have now come back in at 2.1c for 100 % of FAR. ( i am not surprised)
The sangomar asset is way undervalued.

The NO vote is just sensible.
There is just not REmus...or ...Lukoil out there.

Woodside offer a miserly 1.6c for Sangomar.
But FAR remains with The Gambia prospects.

Remus have now come back in at 2.1c for 100 % of FAR.

Vote NO to the sale to Woodside is the only sensible vote.

FAR Price at posting: 1.1¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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