Ann: Takeovers Panel: VEN Panel Receives Application, page-20

Trying to think what Bolton is trying to achieve.
speaking to a few industry participants recently, there is a view Bolton is trying to consolidate Ven and Mel into one entity. To force Vens hand to acquire Mel, he would need to have board influence on both. Mel is easy given its size, but Ven is not. the placement weakness him in a few ways
1. he gets diluted - sub 5%
2. Ven are cashed to drill wells and generate substantial revenue
3. if Mel don't have funds to drill, Ven can own 75% of these wells, strengthening Ven and further weakening Mel and torching his Mel investment further

In my view this has played out badly for Bolton and Ven have a big chance to increase and consolidate Odin holdings which is clearly the more valuable asset

Interestingly if Bolton doesn't get his way with TO panel, and i think he wont, the only option he may have is to increase his holding on market before drilling results are out

Interesting Ven haven't responded yet as placement shares are transacted tomorrow