Friday will prove to be a true test for LGO Energy if it is to hold confidence for its investors. Since the Form 8 was released to the market showing Directors holdings, the emphasis has been put onto the other big players to declare their hand.
On the LGO poker table, the stakes are high and many observers were keen to discover if Lenigas held his faith in Ritson and kept his shares. This was proven to be the case on Monday when his position was revealed to have increased since he handed over control. Another player at the table, Zenith Energy, has now come forward to show their cards.
It was not to be unexpected they would still be at the table. Their allotment was announced on the 14th of December with a total of 43,668,470 shares to play with from outstanding fees. At first glance this will be well received by other invested since they’ve not sold them yet. The reality is that Friday will be the first opportunity for them to play their stake.
Zenith Energy will have had a better insight into the value of the company than most. Run by two directors that have their own drilling and engineering companies, they will understand the prize that lies under GY-678. The question is, do they believe it can be reached or will they fold their hand?
While the company continues to resolve its financial situation, all eyes will be on the volume tomorrow. 43 Million shares are not easily hidden from the traders and confidence could be tested should they start appearing..
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