Hi Mr. P,The main reason that Sandon and STAM give for their...

Hi Mr. P,

The main reason that Sandon and STAM give for their stance in their Letter to Shareholder (first post by Stevo in this thread), are
a) the BOD have abandoned, or at least pushed, return of capital to shareholder into the never-never, and more importantly.
b) that refinancing the RBL facility, creates an additional $700m (approx.) debt to pursue another acquisition, and that
c) the risk is that the BOD is more likely to destroy value that add shareholder value.

From company statements (Botton and Fowles - see links in first post on this thread), it appears that the company plans to make an acquisition within 3 years, more likely within 12 months, and possibly as by end of CY2024.

An RBL facility would play a key role in debt funding an acquisition. IMO it is very unlikely that the RBL facility would be closed.
There is a lot of stuffing around/expense to setup/get approval for an RBL facility, hence they would likely keep it place (as long as it doesn't cost an arm and a leg) even if they have no current plan to use it.

In summary, if you believe Sandon and STAMs concerns are well founded, then it is highly likely that the primary reason for the Notes is to free up the RBL facility to fund an acquisiton.