after reading the glass lewis report they have noted a few bits of information.
break fee to pce is 9 million dollars.
pace has been on the block since august 2012. and again open for this month for other offers. none received better than 3.40 a share. $2.75 today
capital creates cash flow its as simple as that.
spy,
loc + cash - 25million = 175 million for capx
capx program - 90 million.
12 month cash flow forecast - 130 million. dividend payment 46million that wont change but the cash flow will keep going up. and capx program/debt managed properly
novas main aurgument is getting the mcdainels value out of pce which they are using the proved and probable estimates.
the only real way to do it is to drill with large capx programs which they dont have as they are broke.
13million q1 capital program is so weak, you dont even pay a dividend you should have a 50 million dollar q1 for a company like pce.
voting out management and the board will give pce their severance required by law.
whoever made slide 13 in the spyglass presentation should run the company.
pce investors say they lack direction and poor management. slide 13 shows the direction of the company.
pces best solution they can come up with is selling assets to raise capital beacuse they dont like the 3.40 a share ? i dont get it.
anyways avf will make a deal with or without them. and no pce you wont find another avf waiting around to give you the capital you need.