RE:RE:RE:RE:Hard to get excited about spin off
Interesting comments. Terry has been saying for quite a while that one of the purposes of the spinco is to make life messy for the naked shorts. So at the least he believees this is one possible outcome. He has also said (and the press release repeats) that another purpose is to increase shareholder value. So that is a goal as well, but the he spinco as it is has little value. They have 1 million in cash which will pay a few salaries and buy some lease extensions. But it would not fund any drilling. Maybe there is a JV in the works where PN sells the fifty percent they still own to another entity that has cash to actually move one or more of the areas forward. Or makes some other kind of a deal, maybe already in the works. Maybe it is even more complex. Maybe PN is better off as a pure Nisk play rather than Nisk plus some pieces. Maybe that makes some kind of creative consolidation of the 20%of Nisk that CRE own soemhow easier. Anyway PN share holders do not lose anything, and while it is not clear that they gained much at all, maybe there is more than meets the eye.