Prospectus offer extended yesterday by 31 days with the indicative requotation of the shares now Mon 4 August 2008.
DVM will have been off the boards for 3 months, assuming that date is met. Time for Christopher Rowe the Chairman to be asking some hard questions of Ivan Burgess the MD. Seems he has not even been able to get a $750,000 issue away.
Further, StarFinch-1 is drilling very, very soon and this is being followed immediately by Lake MacLeod-1. DVM will participate and have paid for its share and the wells will be over by any 4 August requotation. The company will then be a cashbox only. The ASX does not list cashboxes.
For ASX requotation DVM has to explain and sign against spending at least 50% of its cash in the next 2 years. This certification happens immediately before requotation is approved and the prospectus is not relevant. The cash on the wells will have been spent and there are no new projects announced.
Time for Ivan to take out some insurance on non-commercial wells and to ensure requotation - get another deal or farmin done quickly. Suggest this is onshore Australia in accordance with the representation made in the Explanatory Memorandum for the 4 April meeting and which was the express basis of the motion to change activities.
DVM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
