There's apparently good news in the offing for Providence Resources as a company is willing to attempt to raise the monies to farm in to Barryroe. So with PVR having lifted its skirt and Sequa Petroleum allegedly having liked what they've seen in the data room, it's down to the price. Sequa like to take discoveries to production so have a better understanding than some of the market, but also are savvy in their transactions!
What holders should be concerned about is Anthony J F O'Reilly (major shareholder) and founder investor has slotted 6% of the company holding 6,136,565 ordinary sharesaka 9.49% of the issued ordinary share capital. Its wise to take these sales as signals, or as a little bird tells me to wait for a holdings RNS from a like minded individual. Hmm...not sure I concur with the latter.
Atb Fraser
Fraser- that $300m bond raise from Sequa Pet was due to close at the end of Jan so I guess they are still trying to find takers or pushing up the % interest payable. It will be interesting to see who gets that 6%- a brave buy unless you have an inside track on the negotiations here, in which case it could have been a condition of the farmout to get TORs stake down to a less disruptive level.
ReplyDeleteCheers. The Leggie