We accept BOW has done well operationally, and the sp done well, but believe it is our just right to have retained all that bounty, and not shared it with the insto's and seagulls.
The CR/SPP is UNJUST to shareholders holding more than about 40,000 shares, probably to most shareholders by value although not by number. It is a transferal of wealth, and any plans they have could have been met with CR in a form that did not transfer that wealth from the legitamate owners.
Secondly as MT posted so well, funding power generation on balance sheet is dilution of a high growth story with a utility growth rate. I would be more accepting of that if the CR had been smaller and if there were clear plans to recycle the capital back to exploration by onselling, or refinancing the power plant.
Regardless, albeit less than desired, and much less than previously assumed I still see good growth in the BOW business and sp. Norwich can not yet be in the sp yet imho.
EL
BOW Price at posting:
$1.33 Sentiment: LT Buy Disclosure: Held
