RE:RE:RE:Fairly simple next steps…"You missed my point. Of course I know FEC has their own money on the line with those shares and would be "losing" $82 million."
$82 Million is a LOT of money for any company. What makes you think FEC would just give this to CGX investors?
"But what is the alternative? Take CGX out at .40 cents like you propose?"
You are proposing taking them out at $1 a share, which is a massive overpay. How does that help FEC investors?
IMO, from all the rhetoric coming from the government these days, the only way I can see OYL continuing with any stake in the Corentyne block is if they have mangaged to find a partner with offshore production experience. The government has made it clear they want a solid production plan with a clear understanding of how it will be financed. As OYL has no cash, they will have to give up a share of their remaining stake, lowering it to what I would guess to be in the 10% range for a carry. If this partner is not already found with them currently just going over the fine details of the farmout with an announcment within the next few months (could be days, these can be very complex deals)... they will lose the Corentyne block.
That will leave CGX with an unfinished Port. I am sure there are lots of financing options to get this over the finish line if they have a solid business model for this project, so CGX will survive, but is anyone here for a company that owns a port?