Further thinking things through there is going to have to be a premium to the float price AND the option holders are going to have to be somehow compensated I would have thought.
I bet if Barry Smith had his time again he would have stumped up the cash yonks ago to drill Toenda 1. Although perhaps he had been wanting to stump up the money but ESG did not want this to happen short-term as they wanted to re-acquire the business.
I do not believe a merger prior to drilling PEL 6 or Toenda 1 is in shareholder's best interests as the value of the company post these activities is likely to be many multiples of the current share price.
Drill holes and lots of them ASAP. Go it alone if you have to and spend the cash that's in the bank.
JT
OIP Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
