sale of 25% interest in bowland prospect, page-19

MB, totally agree with you. It's a hard pill to swallow, but its good medicine. Cleaner balance sheet, better governance, and a farm-in. I think AJL is finally "investable" to insto's.

The dilution is disappointing, but it was always a risk that debt would be equitised - the view that the farm-in would solve the debt issues has clearly been invalidated and no-one should have been blind sighted by what just happened, despite it wasn't anyones base case scenario.

We might all be halving our view of value, but the financial leverage risks now are also significantly reduced. Only remaining baggage is the operational biz which i can only hope guidance is right and they can turn a profit and self-fund so we dont have to worry about it.

Remember the smart money (insiders) are still on board this rollercoaster (Kero doubling down, AC happy to get diluted). If you can afford to participate in the 1-for-1.25 then great, if not AC is in the same shoes as you.