goodaye matt,
I am perplexed by your post.
what 10% dilution?
what loss of control of 50% of the Orbost plant?
yes, I agree that the pay of the M/D is astronomical for a small O&G coy. But I guess that the biggest s/h and the rest of the board are comfortable that COE are getting what they pay for.
the approval of the Res to allow COE to issue a further 10% equity in COE without s/h approval, is very common for coys of COE size. In fact it gives COE the ability to issue 15% + 10% = 25% of new equity without s/h approval.
as I see it, there has been no dilution, and COE still owns 50% of Sole, and 50% of Orbost.
COE has not issued, nor announced any plans to issue any more shares. Fact.
What it has done, and what I think you are referring to, is the statements regarding their options for the future.
I cannot remember the $, but I recall that the cost of development of Sole, the construction of pipeline and moderfication to Orbost, will cost hundreds millions of $.
So COE share will be 50%, so a big number for COE.
I thought that report from COE was great, because it outlined the way forward, and gave us an idea of what options they are looking at.
what I did take out of that is that there almost certainly will be a CR. So you are right.
and you are right, they did say they will consider selling down a % of Sole.
But imho, this is in conjunction to a raft of other measures.
We s/h have to try to read between the lines.
But what COE are saying is that the CR will form part of a very much larger funding process, and that way it will keep the CR (dilution) to a minimum.
It's a big project for a small coy, but the returns will be absolutely transformational for COE. They are talking about 500% increase in revenues from Sole, and bigger when Manta is taken into account.
IMHO, this stock is bottom drawer stuff.
it is a process of derisking, and COE are moving along that curve.
so like many stocks on ASX, we need to be patient.
good luck with your investment, and I hope you don't get the chance to buy into COE at lower prices. LOL
DYOR
cheers
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Last
22.5¢ |
Change
-0.005(2.17%) |
Mkt cap ! $594.0M |
Open | High | Low | Value | Volume |
23.0¢ | 23.0¢ | 22.0¢ | $2.520M | 11.13M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 440460 | 22.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
23.0¢ | 457000 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 348796 | 0.220 |
8 | 698591 | 0.215 |
7 | 944694 | 0.210 |
11 | 354563 | 0.205 |
17 | 595859 | 0.200 |
Price($) | Vol. | No. |
---|---|---|
0.230 | 307000 | 4 |
0.235 | 1582411 | 24 |
0.240 | 3069375 | 27 |
0.245 | 509034 | 10 |
0.250 | 536131 | 13 |
Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
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