Ann: OXX: Proposed Merger with Peak/Underwriting , page-6

re: Ann: OXX: Proposed Merger with Peak/Under... I warm to this idea.

Raising capital is needed. Getting it underwritten is a coup, as no broker would do that. Also trying to get ord sh to part with their money would have been impossible. Substantial shareholders, probably just as difficult, without genuine confirmation on Cadloe.

Also the merger is ok. The value of PKO share undetermined but not less than 1 cent. So benefits of Cadloe will be duly reflected if it proceeds in say Dec. / Jan.

Also just assuming Blade are trying to take advantage on PKO lack of funds, at this key time regarding Cadloe; then funding and proposed merger now sends a crystal clear message – there is no fund shortage from PKO side. As such if Blade / PKO are negotiating over say a possible future reinstatement of Bonito, then PKO now move to a stronger position. Prior to today, PKO are in a piss poor position to negotiate.
Blade could really have been pushing for a ‘trading without being solvent type’ issue.

Block A North Sumatra should also be saved - as others may have been trying to take it.

A final point the quality of the directors of both PKO and this new company, is going to be formidable. Jeff can open doors / deal with Asians and do whatever is needed to get contracts; and the others are the oil skill pool. A ripper team. IMO

Q: When do they want their CR?