it should be obvious that in a small-cap, that is "thinly" traded, that moves of +/- 10% are to be expected ..........
if the large shareholders really wanted to get out - the thing would be 0.5c ................................
ask yourself - what are the PV10 assets worth, and then what can be borrowed against this (along with break of hedges / new hedges entered into).......PLUS how much to get rid of the preff's .......
basically - not enough "asset" to cover both of the above .........hence mr market is suggesting some sort of capital requirements ..........
they have been doing this "refi" for approx. 7 months now ..........and still it hasn't been completed ........
I found it "interesting" that they had to get the approval of the preff share owners ......
rgds
V_H
ELK Price at posting:
4.2¢ Sentiment: None Disclosure: Held
