They had 8 months to decide if the offer was good enough or not, they waited until after the EGM approved it then pulled it claiming great data on the new NS wells once fracced. Which we can all see from the now public production data that shows them to actually be crap.
They couldn't stop all development, firstly because beitburn were operator of one SS lease & decided to drill 3 wells on it, so to keep the 20% WI Antares had to pay its share. Secondly because the new northern SS leases have drill or lose clauses on them they had to drill or lose the lease and the money it cost to get them in the first place. The NS wells they didn't have to drill they chose to do them.
When on earth do you issue convertible loan notes at a discount to the underlying share price when it carries a high interest rate coupon, you don't, its just Antares spin. The notes have a $2 nominal value, they were issued at $2, no premium whatsoever. Just read one of the stock analysis reports on the new loan note terms, a no brainer on what to buy ordinary or notes, just like everyone of us knew to be the case, that's not acting in ordinary shareholders interest's is it?
What have they done with all the funds raised by the loan note issues, nothing visible yet we're now paying $1.5M a quarter in interest, how to get in a big hole fast.
What about the 4000 net acres at BS that were lost last quarter & who knows how many more this quarter.
If Lonestar weren't on the scene where do you think the share price would be?
The current board don't listen to shareholders, don't keep shareholders informed & don't have the right skill sets required to develop the asset.
At least some of the Lonestar nominee's have the skill set required to develop the asset, they intend to provide more information to shareholders than we currently get. If they don't live up to there word, then look on the Brightside it won't be hard to vote them out of office either, afterall they only have the backing of a 6% shareholder. I don't think they would be stupid enough to go looking for a big share option scheme, but you never know.
Personally I can't make investment decisions without access to accurate & timely information, who's going to give me that?
LOTM
AZZ Price at posting:
53.5¢ Sentiment: None Disclosure: Held
