Ann: Spill Meeting, page-10

I dont think they will pay any dividends , and suspect they think they will get voted back in due to the number of large long term share holders votes.
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Their is uncertainly regarding the spill over vote and if a new board is voted in what will they be like, will they dilute.. this uncertainty is not good for share price.
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If the board gets voted back and keep opening wells like they have done recently then they have a real potential to grow revenue through re-investment. The current wells earnings should double cash holdings within a year, and maybe share price might follow keeping enterprise value 0.
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Im still confident that if the bourd gets voted back in then the share price will rise due to cash holdings alone.
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A dividend paid though will accelerate the process and P/E ration might become relevant.
Thats my 1.4 cents worth