Buy strength remains weak, so the SP of VOG is close to the 57p placement price.
The Placement was necessary to guarantee the extra cash.
The Open Offer gave all shareholders the opportunity to buy more shares at the same price, which is fair, to limit the dilution effect.
Some will buy extra on the Open Market, but this doesn’t give VOG any more cash for the business.
I am taking up my basic rights but none of the Excess… although brokers normally don’t charge any fees to shareholders for Open Offers, Basic or Excess rights.
It would be good to see the current well completed soon and some of the new contracts expected finalised… and to see our chairman’s royalties capped in fairness to all the shareholders.