At first the theory was they were using this shell to get us on the TSX. But upon closer review, with a completely different board of directors and 5 million shares issued or to be issued at 10 cents...it became clear that that can't be the case.
The more likely scenario is that PN and SO are leaving for this new company they are starting. Most likely after a buyer has bought out ERHC Energy, which most likely occurs after the last eligible CD is complete in August/September.
It explains:
why PN and SO, the management, bought shares.
why Offor didn't participate in the offering way back when...and is trying to keep less than a majority stake (easier to sell company)
why PN referenced a "strategic buyer" interested in a higher share price first...well, we have a higher share price now...
why they are doing this now just as the EEZ MOU is up...
The buyer most likely is interested in the EEZ...
I think we are about to go KABOOM!
Krombacher
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