Seems to me MS is doing a LOT of talking, and based on what he says, even in anns, spurs debate and speculation... and why is that?...because of the lack of detail. Should it really be up to the shareholders to 'join the dots'...maybe to some degree, but this is getting out of hand.
CVI have acquired this, acquired that, exclusive rights to this, exclusive options to that... and guess what - no details - strict confidentiality apparently. We now have a preliminary agreement to buy a refinery in conjunction with a "major African partner". The details are, of course, confidential.
"Participation in four offshore blocks have been offered to CityView under terms which are prescribed... confidential."
"CityView will be participating in this licensing round through powerful Angolan groups, who are pre-qualified for the tenders." (I guess those groups are confidential too?)
"Subject to shareholder approval CityView has agreed to increase its holding in Fortitude to 36,150,520 shares (63.9%) through an exchange of 13,521,635 Fortitude shares on a one for five basis equivalent to US$0.278 for each CityView share (being approximately Aus30 cents per CityView share)." - Subject to shareholder approval?? How did we get the first 23,000,000? No approvals necessary there as far as I can tell. Fortitude just seemed to show up one day.
"CityView is pleased to announce that in accordance with the shareholders agreement between CityView and Petro African Energy plc..." (Can't find any details of that shareholders agreement - probably confidential)
"CityView Corporation Limited advises that it has been requested to send its representatives to Angola to finalise the terms of the Joint Venture with Nexoil Corporation SARL on its proposed onshore oil concessions." That was March 17, 2007... Finalise the terms eh?
Oct 3/07 "CityView has acquired the right to own 100% of Petro Energy Africa Limited. If exercised: �� CityView’s holding in the North Matanda PH72 Oilfield in Cameroon will DOUBLE from 20% to 40%."
Then in the Shareholder update last November...
"October - CityView increases its interest in North Matanda PH72 by acquiring right to purchase 40% share." (So is a 'holding', and a 'right to purchase' the same thing?? And there's that 'acquired the right' line again... no details...(that ann was titled "Cityview Acquires Right To Control Cameroon Oilfield" by the way)...yep - control.
Now although it might sound like a downramp, it's definitely not my intention - i'm just pretty annoyed at the lack of solid information available.
DYOR? Maybe it means 'Did you organise rehab?'
Luck to all...
CVI Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
