Something I've been thinking about:The recent JE-F announcement...

Something I've been thinking about:

The recent JE-F announcement made it clear that it is all subject to:
a) Shareholders approving the appointment and remuneration package of JE-F
b) Shareholders approving the 160m share placement at 6.25c
c) Shareholders approving related parties of JE-F participating in the placement.

From the last Annual report we have:
ANZ 15.7%,
Stanwell 12%,
Kogas 8.7%,
Merrill Lynch 7.5% (presumably Matthews Capital).

That's 44% in just the top 4 holders. All of whom I believe paid well above 6.25c for their stakes. Combine that with a sizeable protest vote from smaller holders and getting a 50% approval doesn't look a sure thing.

Perhaps I'm wrong, but I can't see it in any of these holders interests to cop such a heavy dilution, particularly if they weren't offered any stock in the placement.

IMO - BUL is a gas exploration company. The gas is either there or it isn't. I'm not sure we need an "industry guru" to be taking our cream off the top when we are so close to the endgame.