There is no point in voting against any of the resolutions; shareholders have no real alternative but to accept the way operations are being financed, and since the Directors have considerable skin in the game, it can be assumed that they are not going to deliberately screw over their fellow holders.
On the other hand, I still don't much like the Ramas arrangement: the reasoning behind it was never fully explained, and over the term of the loan, it seems unduly expensive, by way of dilution.
And then the latest capital raising was not handled well. As far as I can tell, the only invited participants were Morgans' in-house professional and sophisticated investors - no-one else got a look-in. I would have thought that an accelerated purchase plan would have been fully or over subscribed, would have cost no more, have caused less resentment, and taken little more time.
Of course there is financial and time pressure. Shale is fundamentally a race against time, particularly when the industry is experiencing a growth spurt. All costs are expanding, and equipment and operators are almost fully booked (after several horrible years). Leases can now cost 10 times what Freedom paid three years ago. And within months of turning on the taps, shale wells start losing pressure and volume, so before long the workover rig has to come in along with the fracking crew and you start again. That swallows a large slice of cashflow while at the same time new wells have to be drilled elsewhere on the lease. If depletion is faster than new production, you will end up toast. Once the Company started operations, it jumped on the treadmill and can't easily get off.
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