Have to be cynical about this, and agree, again OG taking the opportunity to increase their holding.
NZO have a history of squandering cash. The next quarterly update should be literally any day now, but at the end of 2022, they had over $33m.
They just came out with their shareholder presentation exactly 1 week ago.
2022-03 NZO New Investor presentation v17f (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com)
Page 11, they have for the 6 months to June 22 revenue approaching $50m, net operating cashflow close to $20m, and cash balance pretty close to same as end of 2021, so around $30-33m. Net investing cashflow in the half year of around $20m.
Now a week later they decide to raise cash? For Amadeus, a new well for Kupe (which they own 4% of), and POTENTIAL support for Cue if they decide to further develop assets.
They're making this up on the fly, right??