Thanks gpappy56. I wonder what is happening myself. My main theory that I post on is that they have always been happy to sacrifice Australian shareholders to meet their other goals. They didn't intend to actually kill them off though. A combination of incompetence and weak equity markets has been the problem. That culminated in them having to agree toxic clauses, cutting of CCC from CCL cash flow, to close both the BEE2 agreement and ABSA. The later apparently still not there just yet.
They must have still been confident they could issue to save the game, at least temporarily. Otherwise PL wouldn't have got Range to lend that $2m. But the Columbia story which I think was to be the basis for equity issuance was very weak. They used their vague ASX release to try and sell it (No current production numbers etc). Remember they also used their best hotcopper weapon to pump up Columbian potential. But people looked through that this time. You can't keep fooling people I suppose. Remember how they pumped BEE2 with their puppet posters hinting BEE2 would pay their share of development costs, emphasising political connections etc. Of course, they didn't leak the clauses restricting upstreaming!
Anyway, sorry I digress. That's what I think. Its a genuine disaster and they were for once being honest at the GM. Of course it wasn't all honest, JB is not capable of that! He came on saying they withdrew from the other ABSA facilities as the equity markets attitude to leveraged companies changed. Funny. PL said that Mashalla was done at a premium to then share price which obviously not true. Remember shareholders had to top the insider vendor up! Still. I think it was an attempt to tell a small number of shareholders what was really happening. The reason I think was to soften up for a big discounted issue. Or maybe that was a mistake too, being too honest. They were in a bit of shock at failing to get shareholder approval, CR the lifeblood of the ventures of course. Since then of course they are back pretending everything is great! It is amazing really. The majority of shareholders, who having listened to the tape, must have no idea what's going on.
Anyway, probably not clear and I don't want to waste time editing this ramble. But that's what I think. My fear is that somehow Okap will benefit from whatever happens next. Fees to consultants etc to clean up. Friendly but not legally related parties picking up the pieces. Usual stuff. However, I think that will be opportunistic rather than deliberately pushing the price down. Though nothing would surprise me after following this story and the fleet generally.
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