The debt was always going to get converted to equity if it was sensitive blue to do so. Kerogens exit strategy if Cuadrilla was dud was to call in the debt, and sell up the 2 operating divisions to get their cash back.
They are taking shares. There will be more CRs however as the ,kero conversion is not cash. But the CRs will get less dilutive a the sp increases. If the sell the engineering business this will help Lyn mit CRs which will be a positive factor existing shareholders.
And great to see that after drilling 2 wells and getting core samples they are still saying that they will plug the wells into the national grid in a year. The wells will look cheap if they can be monetized quickly. All shaping up well for 2018
AJL Price at posting:
43.0¢ Sentiment: Buy Disclosure: Held
