No argument from anyone that the best outcome to maximise shareholder value for all concerned should be sought.
We do need to remind shareholders of the distinction between MEC and Advent - Advent has a different composition of its board of directors (albeit with some common directors). Despite the close relationship between MEC and Advent, corporate governance procedures ensure strategic decisions in Advent are done for the benefit of Advent's shareholders.
MEC has certainly been working hard to gain shareholder support for its investments, and will continue to do so. As mentioned in response to Avco, Advent considered it necessary to seek additional investment partners to ensure continued exploration could be achieved in PEP11. The arrangement with RL Energy provides that opportunity, plus enables a very material ownership to be held at the point of next drilling.
There is no present obligation on Advent to further farm down its interest in PEP11.
MMR Price at posting:
2.2¢ Sentiment: None Disclosure: Held
(20min delay)