My hopes are for a takeover, I have no real interest in Tullow turning themselves around. The corporate governance is terrible, they’ve kept shareholders in the dark with a lack of transparency and they’ve destroyed shareholder value.
However, the equity trades at a massive discount to NAV, the bonds only shrugged yesterday, whilst the 70% drop based on only 5% of the shares being traded feels more like the market showing what happens when you essentially keep your shareholders in the dark.
The question is, would institutional holders be so disillusioned with the company that they’d accept a low ball offer?
No debt next year and only $300m in 2021, plenty of time to sort their act out.