Anyone know for sure who the 'vendors' of SEYCO were? These are the guys who are sweating on $3.5M worth of options conditional on a farmout by Dec 31st.
If it was SEYPEC, which holds a fair sum of WHN shares already, they are owned by the Seychelles Govt. Therefore the Seychelles Govt. has a big interest in getting this farmout sorted quickly.
I'm wondering if WHN will play delaying tactics on the signature until Jan to avoid issuing these shares?
Makes for some awkward conflicts of interest. Issue is quite dilutionary (existing SH will be reduced to 72% of their current interest), but if the Seychelles Govt. has their hands on any of these a 'strategic' delay (like Stuart Broad doing his shoelaces) could well put them off side.
Of course, assuming the ducks get lined up to the stage where WHN would actually be ready to sign by then (or more to the point, JV partner is ready to sign) is overly optimistic, I know.
QFY Price at posting:
1.3¢ Sentiment: Hold Disclosure: Held
