tpt to takeover jka at 11.2c per share, page-102

Since September 2013 they have spent (or alternatively have announced they will need to spend) a lot of money with very little to show for it. Confirmed oil at HW but this is not really anything we didn't know pre-drill. Now in a significantly worse financial position. While we have some financial arrangements in place everyone knows that a company won't scrape down to the bottom of the barrel so a capital raising will happen.

If the merger does go ahead then we will be diluted out of the JKA assets. Unless JKA management are not even slightly looking out for shareholders they must believe we are unlikely to see 14 cents anytime soon.

Sadly I am now just looking to get out even. 14 cents would be a nice bonus for me. I'll buy back in if Morocco is a failure and the company is again priced on JKA assets alone as that is why I bought in.