I think the broader context behind ENN's disdain for cash is that they prefer hard oil and gas backed commodity currency to U.S. $ of which the government can and does print an unlimited amount.
I understand they cannot block a takeover, only accept or counter offer.
Harbour are offering holders to keep their shares, which would have no quoted market and at the mercy of what ever Harbour wishes.
That's not ideal but if harbour sweats the asset and pays themselves huge dividends you would get them as well.
"Not advice".
Harbour Energy, page-78
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