I actually don’t have a complaint…it is a smart move IMO. BRK needed capital to take a majority interest in Rangers and they went to market.
Given what they are essentially asking is for capital to drill a well where there is a certain amount of risk they needed to sweeten the deal to convince the capital holders to participate.
Tossing in a few options cost BRK nothing but will probably mean an extra A$25m to shareholders if Rangers is successful.
The alternative would have been to get a well bore partner like they did with Jewell and pay away approx. 45% of net cashflow for $4.5m. That would be around A$25m that would not go to BRK for drilling more wells.
The stock was trading at 2.2c a few weeks ago so holding above 3cps with 9m extra in the bank is pretty good going.
Rangers, page-25
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Last
51.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $49.16M | |||
| Open | High | Low | Value | Volume |
| 53.0¢ | 55.0¢ | 51.5¢ | $95.24K | 179.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1339 | 51.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 53.0¢ | 3773 | 1 |
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| Last trade - 15.50pm 11/11/2024 (20 minute delay) ? |
| BRK (ASX) Chart |