Yes that is correct. WE have cash so their is no chance of an ASX capital raising. It will be entirely for the aims listing, and presumably have something positive to help sell it.
Technically they could list without creation of new shares, if Waterfords wanted to sell some of their shares into the float. No different to say Myers float. But I expect it to be new shares and further dilution.
It will be very hard to see massive upside with so many shares on issue. But worth holding until we are producing and exporting oil. Thats why we bought in the first place.
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