Hi PDI guess downside in worse case will be that they have $250m...

Hi PD

I guess downside in worse case will be that they have $250m in cash ($1.60ish per share) after paying out conv notes (although their not due for a while) and if Puffin turns into one big pile of dust then they wil still have a commitment to the FSPO until another oil field wants it. Also there are some unhedged futures contracts that have to be dealt with.

Then again, if this deal falls over then the Administrators could be called in and shares could be worth zero.

Once deal is final then I very much doubt we will see current prices again.

Cheers
Zinc