LOL that was great.
My read on ERHC mgt is that they believe cash in hand is when they have sufficient negotiating leverage and not before.
But I agree with you that just the statement from Chrome and the shareholder approval should provide them plenty of leverage allowing them to release news prior to the dilution done at a higher post news price as opppsed to raising the money first and then completing the negotiation and lastly releasing the news.
I might add, I think you are correct that oil companies are clamoring for that block since it is seemingly the last block left for any oil company which wnts a piece of the action in Kenya. What happened to Africa Oil and Marathon is certainly a harbinger of good things to come and likely to repeat with us.
I fully understand that the business model is about allowing govt officials to participate in their country's oil wealth by giving them an opportunity to invest in companies like ERHC and Africa Oil whether by buying shares on the open market or getting them from the company directly. Some will scream illegal, but those who do are not lawyers and we have seen that our own Congress does the same kind of thing. That is the secret sauce as to why we get these blocks for next to nothing. Same goes for similar other companies.
I also think that internet negativity has hampered some of these deals and it is precisely the spending done by Erhc to attend presentations that results in these deals which have saved shareholders' behinds when the JDZ proved to be a near term dud.
To say that mgt should have started sooner is nonsense because they did whenever they attended a conference. We should give them kudos and apologize for the behavior of some who were negative. Mgt came through when the JDZ did not.
Krombacher the above may be wrong
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