RE:RE:False Hope.....Don't biteThe short version is, "no white knight" and "the deal is done". I agree.
Small investors that do not vote will be counted as being in favor of the deal. PIPE would not have announced this deal unless they were confident that they had the necessary two thirds majority support.
Riverstone has lost $400 million since PIPE peaked in June 2022. They might be willing to accept some more short term pain. Long term, owning a small part of a new publicly traded heavy oil producer is the way to go.
PIPE having all of their assets in one tiny geographical region might have scared Riverstone and GMT after the wild fires last spring. Being part of Strathcona significantly reduces that risk.
How long will it take PIPE shareholders to break even or start making money? No one can answer that question until after Strathcona begins trading.