BUY is also undergoing a non-renounceable entitlement offer to existing shareholders at the moment @7.7 cents per share - as it needed more funds to meet its commitments at Woodada and for its share of seismic acquisition costs on other Perth Basin leases. This offer closes tomorrow (Monday 6th January).
Hardman is part underwriting the offer, given a commitment that a certain part of the funds will be expended on Woodada.
This lack of ready funds probably explains, at least in part, the reason for BUY farming out half of its Twin Lions etc exposure to VOY.
Cheers
OG
BUY is also undergoing a non-renounceable entitlement offer to...
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