Might be rehashing some comments but the capital raising will be AFTER the farm in announcement.
MEO have stated that the final binding contracts will be signed (at the latest) by the farminee by the time of their AGM on 18/11.
MOG just released a preliminary notice of a prospective capital raising. They will provide a prospectus for shareholders and are seeking shareholder approval. Quick glance at the ASX listing rules regarding rights issues requires at least a 23 business day notice from the time of lodgement of formal documentation.
So getting all this done before 18/11 will be impossible. Let me know if I am missing something.
If that is the case then a 1:1 non-renounceable rights issue at 18cents, post the farm in annoucement, is looking fantastic to me given where the MOG share price is currently trading. We all knew this was coming and has already been factored into the SP. Surely there are some great trading opportunities here, particulary once the farm in is done and dusted and we know who it is and when they are drilling.
As others have said, they have come out early and we know exactly how many shares are being now raised. If the market rewards certainty then Im not really seeing it right now.
Still obviously a speccy guys but again, MOG has clearly got the markets attention which can only be a good thing. Share dilution was always going to be the "price" that MOG holders were going to pay for the 15% artemis interest but really what a STEAL to MOG.
MOG Price at posting:
22.4¢ Sentiment: Hold Disclosure: Held
