re: Ann: Rialto completes transaction with Vi...
The following is my interpretation of events from the agm, do not treat it as facts. I am out for work drinks atm and on phone so proceed at own risk!
OK agm was good much more positive then the egm. Not much to report other then the gas price, rob said a comparable company in ivory coast had an agreement with the gov of 5 dollars, rob said they secured a price north of that. Debt financing of gazelle negotiations has begun as well, rob said they are aiming for 60 Us million, but they need gas agreement first. Was cautioned as being at very early stages I think. Reason for the name change was also highlighted, rob said, in jest that brokers would hang up as soon as the name Rialto was mentioned. Will be a clean break for the company given management has compl etly changed. Fringe benefits of the vitol deal were highlighted, apparently they played a huge role in negotiations with the government, CEO visited ivory coast and everything. Board highlighted vitol are mainly interested in what follows from gazelle, is highly prospective block. Staff in London are apparently being seconded between companies. Rob mentioned they are a completely no nonsense group want to see results asap, no sitting on hands etc. I think vitol is a huge net positive now even if we did get screwed initially, we needed them to proceed in more ways then one.
RIA Price at posting:
3.7¢ Sentiment: Hold Disclosure: Held