God knows what all these negotiations, amendments, explanatory notes is costing.
Before any of these resolutions can be voted on at the meeting, the company has to be forced to provide a cashflow report that shows that they are in a positive cash position to maintain the assets through to the amended reset date. If they can't then everything else is a mute point & a receiver should be appointed straight away.
Does anyone know if this can be done? Can the trustee do this?
The exit payment strategy is a complete farce & I can not for the life of me understand why aurora would be chasing this. The longer the sale process goes the more the price will go down yet the exit payment goes up!
The extra share conversion rate is a complete farce. Four shares of nothing is not worth more than three shares of nothing so why even cloud people minds or con noteholders by proposing this resolution. No noteholder will ever be in the position to convert to shares. I can not believe that this is even being considered.
The company is asking noteholders to bet on the short term price of oil. If I wanted to do that I would do it with a liquid company, not one whose assets decrease each day closer we get to the next reset date & in my opinion has no chance of relisting.
What is the companies strategy to get it relisted ? They won't want it relisted because the share conversion proposal will look rediculous when then share price is 5c (if we are lucky)
I would also like to know if the trustee is able to propose other resolutions, which James has supposedly offered;
His suspension of salary
His resignation
Another one of my rants but the behaviour of the directors of this public company, in particular James, around disclosure is absolutely disgraceful.
My biggest question & I have not had time to research, but will prior to meeting, is why, knowing full well what their noteholder repayment liability was going to be, did they embark on a share buy back strategy? I fully understand buying back notes but was the share buyback purely to enhance the value of James 10M SHARES.
I will research the amount spent but had they not done this we would not be in this position & possibly could have ridden out the low price of oil, at least for longer than we can now.
I will be voting to appoint an administrator/ receiver. This board has completely trashed this company. They rabbit on about their past exploits but at the end of the day we are all judged on our most recent actions & this board should be as well. We should not let them dig a bigger hole & further risk our capital. I am a shareholder as well but enough is enough.
Can a resolution be put for the resignation of the entire board & new directors appointed by the trustee because they are in default?
Another question for the trustee
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