Malmoe,Simply for accuracy - note the EGM notification. The...

Malmoe,

Simply for accuracy - note the EGM notification. The majority of the meeting is about getting a price reset mechanism over the options.

That is:
Currently the options have a $0.70 strike price and can be exercised once the price has been above $1.05

BUT

if the company sells more than 50% of its assets by 1 September then the strike price resets to the VWAP between days 21 and 40 after the sale.

The new EGM is primarily about getting the 1 September date extended to 1 Jan 13.

Either way they're covered upto 1 Sept but given the fact that they're asking for an extention its unlikely a sale will happen before ... I guess it could be announced but unlikely to be completed.

So personally I think you're right (= no sale just yet) but for the wrong reason.

Agent - probably a rerating based on the usual direct correlation between TXN and the POO (WTI + a premium to be exact). That graph you hung up last week is proably a major driver