I have no confidence this will be resolved quickly to permit trading any time soon. I'm not sure whether it is a result of the company's style or ASX regs but we seem to have had a suspension which drifts onward . Back in October the halt and suspension were for "....a material funding proposal and restructure of its current mining operations..." with an announcement expected within a few days. By late November the emphasis was still on operational reviews and CRH negotiations with a return from voluntary suspension appearing to be imminent based on the updates. To be fair, the update in late November did also refer to "partnership opportunities"
By early December, it was anticipated we would be out of suspension by 16 December "Orinoco is required to remain in suspension until lodgement of a cleansing prospectus. This will be satisfied by lodgement of the Entitlements Prospectus, which will occur on or before 16 December 2016"
We now find that the suspension is much more open ended as alongside the CR there are simultaneous discussions with an investor and "...The Company has requested to remain in suspension until such time as a binding agreement is executed or the Company is informed otherwise."
Quite apart from the OGXOB option holders, the rest of us are surely getting restless. The Board appears not to have given us any time frame at all on achieving a "binding agreement"
I also don't see any official announcements or requests to ASX on the changes to the reason and duration of the suspension. Shouldn't there be a clear announcement/request rather than being embedded in "updates"
Alf
OGX Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
