Zargon Oil & Gas Ltd ZARFF

Debenture conversion

[helgek]

Now I own shares in ZAR worth 4 cents. I will not be a sharehoder for long.

I found it highly immoral, albeit clearly not illegal, for ZAR management to in January 2017 to extend the debentures with a higher interest payment and then in 2018 to convert them to shares at a price  of more than twice the actual share price. To me, that shows bad faith dealings.

[hawkowl1]

Please sell your shares.. that will show them hey..lol

[helgek]

That is not the issue. I chose not to hold shares in companies that engages in deceitful dealings. They are not likely to be successful.

[pablo87]

As you know I follow this company a lot - the debenture extension wasn't deceitful, they probably believed (erroneously) that asset valuations and oil prices would recover and they haven't - asset values in Canada have actually gone down further. ( example altura bought 70 bopd oil from zargon in Sept 2016 for $4M whereas few months ago they bought 110 bopd from others for the $3.7M) I am

[pablo87]

2017 extension was a mistake...Should have proposed 1/3 cash 2/3 shares to all and be done with it. But again the banks must have had a say in what was proposed then... The dubious is the sale of North Dakota right after...it should have been disclosed in the debenture yeah/nea paperwork...