Investec is not the only one with a Buy on RIA. Macquarie recommendation below.
Macquarie 24/04/2013 1 Outperform $0.25 525.0% Rialto has announced a farm-out agreement with Vitol, a private global trading company with a portfolio of upstream assets in West Africa. The agreement remains highly conditional and subject to regulatory approval. Vitol intends to take a 65% interest in Rialto's Cote d'Ivoire assets and up to a further 6.4% interest in the Accra block, offshore Ghana, in exchange for development funding.
This may be a dilutive deal but the company was left with few options, in Macquarie's view. The Outperform rating is maintained and the price target is reduced to 25c from 50c.
Target price is $0.25 Current Price is $0.04 Difference: $0.21 If RIA meets the Macquarie target it will return approximately 525% (excluding dividends, fees and charges).
RIA Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
