People are taking 6 cents for something that is manifestly worth 7 cents. That's a 17% discount. Effectively, the company is robbing these poor people, but the sellers would rather have their money back than have the new management team waste it on some "deal".
How can anyone figure out what's a good price to pay for ANY oil/gas project in today's environment? Are oil prices going to $20 or $100 for the next 5-7 years? Nobody knows, but any "deal" is essentially a punt on the price of energy going up. Furthermore, $25 million is chicken feed. And there is ZERO chance any bank is going to lend any more money to ANY project in the energy space. And there is a ZERO chance that they could raise any equity capital. So, how can management begin to claim that this whole process is anything but a "keep management employed" strategy?
Once again, give us ALL of our money back by liquidating the company. That is the only honorable and rational course of action.
MEL Price at posting:
5.9¢ Sentiment: Sell Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)