Post by redrook on Feb 26, 2014 22:55:18 GMT
In the RNA dated 10 January 2014 regarding our Texas asset, Landau stated that:
'Following recent communication from the purchaser, they have now indicated that they expect to be in a position to complete on or about the end of January 2014.
The Company will advise shareholders on further developments or if, for any reason, this timetable changes. The Company also continues to consider its other alternatives in relation to the settlement delays, the sale agreement and the assets. '
Surely we should have received a further update by now from Rory CEO, since the expected timetable for completion, as determined by their own buyer, has been well and truely exceeded. Again!
Further, what 'other alternatives' have they got in place. It should not have been a problem in divesting our Texas asset in a timely manner. It has taken supreme incompetence and/or negligence to have arrived at the situation RRL finds itself in.
Take the example of CAZA and the sale of their San Jacinto Property. Their asset was also located in Texas, also a gas/condensate asset, and also wanting to sell at around the same time as our Texas asset. In their RNA dated 16 Feb 2012 CAZA first announced their desire to sell their San Jacinto Property. CAZA listed the property with the Oil & Gas Asset Clearinghouse, a leading oil and gas property marketing and advisory firm in Houston/Texas which provides auction and negotiated transaction services. Just 5 months later, in their RNA dated 12 Jul 2012, CAZA announce the successful sale of the San Jacinto property.
Clean, clear and simple.
'Following recent communication from the purchaser, they have now indicated that they expect to be in a position to complete on or about the end of January 2014.
The Company will advise shareholders on further developments or if, for any reason, this timetable changes. The Company also continues to consider its other alternatives in relation to the settlement delays, the sale agreement and the assets. '
Surely we should have received a further update by now from Rory CEO, since the expected timetable for completion, as determined by their own buyer, has been well and truely exceeded. Again!
Further, what 'other alternatives' have they got in place. It should not have been a problem in divesting our Texas asset in a timely manner. It has taken supreme incompetence and/or negligence to have arrived at the situation RRL finds itself in.
Take the example of CAZA and the sale of their San Jacinto Property. Their asset was also located in Texas, also a gas/condensate asset, and also wanting to sell at around the same time as our Texas asset. In their RNA dated 16 Feb 2012 CAZA first announced their desire to sell their San Jacinto Property. CAZA listed the property with the Oil & Gas Asset Clearinghouse, a leading oil and gas property marketing and advisory firm in Houston/Texas which provides auction and negotiated transaction services. Just 5 months later, in their RNA dated 12 Jul 2012, CAZA announce the successful sale of the San Jacinto property.
Clean, clear and simple.
